Mortgage Overpayments

Your home may be repossessed if you do not keep up repayments on your mortgage.

You could be mortgage-free sooner than you think

Making overpayments can be a great way to save money over the term of your mortgage. If you choose to pay more than your minimum monthly mortgage payment or pay off a lump sum you will reduce your outstanding balance, save money in interest payments and could reduce the term of your mortgage.

Depending on your mortgage type, there may be restrictions on the maximum amount you can overpay, either by regular overpayments or as a lump sum, in one year without incurring an Early Repayment Charge (ERC). You can usually repay a fixed percentage of your original mortgage balance per year without charge. For more details, see your mortgage offer or call us on 0345 8501 711.

You can overpay on your mortgage by:

Lump Sum overpayments:

  • These are payments made in one, that are not included in your contracted monthly subscription
  • These payments reduce your mortgage balance and will normally trigger a recalculation of your monthly repayments

Regular overpayments:

  • This involves increasing your direct debit to a fixed monthly amount, or a set amount above your minimum monthly payments
  • These payments reduce your balance
Benefits of regular overpayments example
Mortgage amount: £100,000
Remaining term: 15 Years
Interest rate: 2%
Minimum monthly payment
(capital & interest): 		£643
Monthly overpayment of: £100
Interest saved: £2,505
Term reduced by 2 years and 3 months

Mortgage overpayments calculator

Our mortgage overpayments calculator allows you to see the difference that could be made to your mortgage by making regular overpayments.

Simply complete the first 4 fields of the form below and click calculate. We will then illustrate what your monthly payments could be, the amount of interest you could save and any reduction in your mortgage term. We will show illustrations for both a repayment mortgage and an interest only mortgage.

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Please note that our mortgage calculators are for illustrative purposes only.
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To arrange overpayments

To find out the maximum you can overpay without incurring an early repayment charge, or to speak to us about making overpayments on your mortgage account, please call 0345 8501 711. For alternative methods of contact please refer to our contact us page.

Your home may be repossessed if you do not keep up repayments on your mortgage.

*To help maintain service and quality, some telephone calls may be recorded and monitored.

Site intended for UK residents only. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.

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