If you want to overpay on your mortgage account, you can transfer money to us using the Society’s bank details. See the next question for details.
Please note, an Early Repayment Charge may be payable, it’s important that you check your latest Mortgage Offer for full details of any Early Repayment Charges that apply to your mortgage before sending any additional payments.
A Capital Repayment is a payment of at least £500 over and above your Contractual Monthly Payment and any other amounts due and payable under the conditions of your mortgage.
After making a Capital Repayment you can ask the Society to recalculate your normal monthly payments, or you can leave your monthly payments as they are which will have the effect of reducing the remaining Mortgage Term. Payments will not be recalculated following a Capital Repayment unless specifically requested.
Contractual monthly payments are automatically recalculated following any interest rate change on your mortgage account.