If you’re on our Base Mortgage Rate (BMR), Standard Mortgage Rate (SMR) or on some tracker products you won’t be charged for making an overpayment. If you’re on a fixed or tracker mortgage you may be charged an Early Repayment Charge (ERC) for making an overpayment.
If your fixed or tracker mortgage product was reserved before 29 May 2013, you can make overpayments of up to £500 per month without being charged an ERC. Any overpayments of more than £500 per month will be charged an ERC on the whole amount.
If your fixed or tracker mortgage product was reserved on or after 29 May 2013 you’re allowed to make overpayments of up to 10% per year of your original mortgage loan amount. Any overpayments over the 10% allowance will be charged an ERC on the amount above the allowance, not the total overpayment. The year begins on the anniversary your mortgage started.