Mortgage overpayments

You may feel you can afford to start paying extra off your mortgage. The advantage is that the sooner you do, the less interest you’ll pay overall. You could:

  • Specify an extra amount you want to pay regularly each month
  • Make a one-off, lump sum payment

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Important

An early repayment charge applies on some mortgages. You may have to pay an early repayment charge if, during your early repayment charge period, you repay more than a certain amount of your mortgage or switch to a new mortgage deal. You can make, each year, extra payments of up to 10% (some products have a higher limit) of the mortgage balance as at 1st January before a charge applies, unless you go on to repay or change the rest of the loan within the next six months. The charge varies, depending on how long you have left on your mortgage deal.

You can confirm the amount of your overpayment allowance by completing the Mortgage Overpayment form or log into the mobile app and type ‘What is my mortgage overpayment allowance'.

As you can see, there can be different results if you make a lump-sum overpayment - so it's always best to contact us to let us know what you want to happen.

Find out more about early repayment charges

Regular overpayments

Where interest is calculated on a daily basis, your balance is reduced following every payment so the interest you're charged will go down. However we won't recalculate the monthly payment each time, we'll wait until the next time there's some other reason for recalculating your monthly payment, such as a rate change. If you're not sure whether your mortgage is on daily interest, please contact us.

Set up, amend or cancel a regular overpayment

Complete the form below to set up, amend or cancel a regular mortgage overpayment. You’ll need your mortgage account number, which can be found on your mortgage statement or other mortgage related letters.

Read our privacy policy to find out how we use your data: Privacy Policy

 

 

One-off lump sums

You can pay part of your mortgage whenever you want. They are known as lump-sum overpayments. When you make a payment, your mortgage balance will be reduced on the day we receive the money, and you'll start to be charged less interest. Then, because your balance is lower, you can either:

  • Keep paying your current monthly payment so that you repay your mortgage sooner. However, when we next re-calculate your monthly payment, for example at an interest rate change, we will set the new monthly payment to a level that will repay your mortgage over the current mortgage term. Or
  • Ask us to re-calculate your monthly payment immediately, so that you get to reduce your monthly payments but still repay your loan by the end of the current mortgage term. Or
  • If your mortgage is set up on a repayment basis, you can apply to change the remaining term. If you do this, you will need to speak to one of our Mortgage Advisors who will check that you can afford the monthly payments over the new term and advise you if this is right for you.

If you make a lump-sum overpayment, it can't normally be refunded at a later date.

How to make a one-off lump sum payment

 
You’ll need your mortgage account number to quote as the reference for the payment. You can find this in any of your mortgage correspondence from us. If you quote your 14-digit mortgage reference we will spread the payment across all your mortgage sub-account(s).
 
If you wish to allocate the payment to a specific sub-account, you’ll need to use your 14-digit mortgage reference followed by the sub-account, for example to make a payment to sub-account 1 you should quote your 14 digit mortgage account number followed by 01 at the end without any symbols or spaces. Here’s how you can make a payment to your mortgage:
 
- By faster payment or standing order using our bank details (please use the relevant reference as explained above). Sort code: 30-28-86, Account number: 00000000
- Send a cheque, payable to TSB Bank Plc, to: Mortgages, TSB Bank Plc, PO Box 373, Leeds LS14 9GQ.
- Alternatively, you can make a debit card payment by calling us on 0345 835 3380. We’re here from 8.30am – 7.00pm Monday to Friday (except bank holidays).  

How to apply

If you are a first time buyer, home mover or looking to remortgage, you can start your application online and a qualified Mortgage Adviser will give you a call to go through the details

Subject to status and lending criteria 

Request a call back from a Mortgage Expert who can arrange a convenient time to discuss your mortgage needs via video, telephone or face to face.

Find out what information you’ll need to have to hand
 

To talk to us about a new mortgage, call us on
0800 056 1088

Lines are open Monday to Friday 8am to 8pm and 9am to 2pm on Saturday.

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For making overpayments to a mortgage – Log into the TSB Mobile Banking App.

We're available 24/7 and we will process your request within 2 working days.

Show me how

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.