Mortgage Overpayments
What are overpayments
Overpayments are additional payments you make towards your mortgage on top of your regular monthly repayments. Depending on the type of mortgage you have these can be made either as:
- Lump sum payments – one-off payments of any amount.
- Regular overpayments – smaller, recurring payments that you can make whenever you choose.
Why make overpayments
Making overpayments can benefit you in several ways:
- Reduce the total interest paid – By decreasing your outstanding balance, you’ll pay less interest over the life of your mortgage.
- Pay off your mortgage sooner – Overpayments can reduce the length of time it will take to repay your mortgage in full.
Overpayments on Fixed Rate mortgages
You can make a lump sum overpayment during the Fixed Rate Period without incurring an Early Repayment Charge provided the overpayment:
- Is a maximum of 10% of the outstanding balance of your loan;
- Is made by way of a one off lump sum overpayment; and
- Is made once during any calendar year being the period from 1 January to 31 December
In all other cases, the Early Repayment Charge referred to in the “Early Repayment” section of your mortgage illustration and offer, will apply to any additional lump sum overpayment.
How to make overpayments to your Fixed Rate mortgage
Send us a secure mail via the Mobile Banking app or eBanking
Call our mortgage customer line
0800 389 0833
Overpayments on Variable Rate mortgages
With our variable rate mortgages, there are:
- No limits to how much or how often you can make overpayments.
- No early repayment charges – You won’t incur any fees for paying off part or all of your mortgage early.
How to make overpayments to your Variable Rate mortgage
You can transfer funds directly to your mortgage account using eBanking or mobile banking apps
