An overpayment is when you pay more than the required amount on your monthly mortgage repayment. All of our mortgages allow overpayments meaning that you could pay your mortgage off quicker, and save on your overall interest.
Our recent fixed rate mortgages allow overpayments of up 10% of your outstanding balance each year without ERCs being payable, although some older mortgages allow up to £1,000 per month. You can check the terms and conditions of your mortgage to see how much you can overpay, or you can call us on 08000 288 288 (call charges) and one of our team can check for you.
When it comes to making overpayments, you have two options. You can choose to overpay monthly, or in a lump sum.
To make an overpayment in a lump sum, you can:
To make an overpayment in monthly instalments, you can:
Please note: We need 14 days' notice to change your Direct Debit payment.
Please send any lump sum to:
Account name: Co-operative Bank Mortgage
Account type: Business
Sort code: 089302
Account number: 97880013
Reference: Please quote your unique account number.
Please make the cheque payable to 'The Co-operative Bank (insert your mortgage account number)' or 'The Co-operative Bank for (insert your name)'. Please also include your full name and address on the back of the cheque and send to:
The Co-operative Bank
PO BOX 4934
Unit 2 Interface Business Park
SWINDON
SN4 4PN
Call us on 08000 288 288 (call charges) to make a card payment.
You can request to amend your existing Direct Debit online. To do so, please visit our Direct Debit page and complete the Mortgage request form.
You can setup a standing order with your existing bank, the details are:
Account name: Co-operative Bank Mortgage
Account type: Business
Sort code: 089302
Account number: 97883405
Reference: Please quote your unique account number.
No, all Co-operative Bank mortgage overpayments are permanent.
Overpayments can be made at any time. Although there is no date when you must overpay, the sooner you overpay the greater the effect on the total amount of interest you pay.
Also, please remember that if you intend to make your overpayment at the end of the year, that there are a number of Bank Holidays and postal delays which may affect clearing times for payments (especially by cheque).
Your home may be repossessed if you do not keep up repayments on your mortgage.
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