Mortgage overpayments

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.

How much can I overpay?

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.

How do I overpay?

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:

  • make a bank transfer
  • send us a cheque
  • call us to make a debit card payment up to £10,000. Please note we can't take payments by debit card over £10,000.

To make an overpayment in monthly instalments, you can:

  • amend your existing Direct Debit
  • setup a standing order with your existing bank.

Please note: We need 14 days' notice to change your Direct Debit payment.

Overpay in a lump sum

Bank transfer

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.

Paying by cheque

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

Paying by phone

Call us on 08000 288 288 (call charges) to make a card payment.

Overpay in monthly instalments

Direct Debit

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.

Standing order

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.

Can I get an overpayment back?

No, all Co-operative Bank mortgage overpayments are permanent.

When can I overpay?

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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