These overpayments help you pay off your mortgage sooner but your monthly payment stays the same. Overpayments lower than 3 times your usual monthly payment That means we recalculate your monthly payment but your term stays the same.
Overpayments higher than 3 times your usual monthly payment Overpayments do one of two things to your mortgage balance, depending on the amount. How overpayments affect your monthly payments and mortgage balanceĮvery overpayment you make means you pay less interest overall on the money you borrowed from us. Once you’ve made an overpayment, you can’t get a refund – and remember that you’ll need to make your monthly payments as usual. In this guide, we’re going to explain when and how you can make overpayments, and tell you about the benefits paying more can bring. Overpaying and underpaying your mortgage simply means paying more or less into the account than your normal monthly payment.
