Overpayments.
Want to make an overpayment?
Here are a few things you might wish to know about overpayments.
What is a mortgage overpayment?
A mortgage overpayment is a voluntary extra payment you make on top of your usual monthly payment. It can be a regular or a one-time payment.
Your usual monthly repayment is set by us when you take out your mortgage. We will let you know if this changes. This could be when a fixed or discount product comes to an end, or when there is a change to your interest rate.
Overpaying your mortgage can mean you save money on the total interest you pay, and you could potentially clear your mortgage faster.
Overpayments may not be the best option for everyone. For example, you might be better off saving or investing spare money. It’s always a good idea to seek independent financial advice, if you’re not sure what is best for you. You will also want to check if your product allows overpayments and whether you are close to any overpayment limits, otherwise you may have to pay an Early Repayment Charge (ERC).
Help if you want to make an overpayment.
How overpayments impact your mortgage
Find your type of mortgage below to see what your options will be.
Overpayments of £2,000 or more
If you make an overpayment of £2,000 or more, you can choose to reduce your monthly mortgage payments or your mortgage term. Just let us know which option you would like (within three days of making the overpayment). If you don’t tell us, we will reduce your monthly mortgage payments.
We will confirm your new monthly payments or mortgage term, by email or by letter, once the overpayment has been credited to your mortgage account.
Overpayments of less than £2,000
If you make an overpayment of less than £2,000 your balance will reduce. Nothing will change immediately, and both your mortgage term and monthly mortgage payment will stay the same. However, the next time there is a change to your mortgage, for example if your mortgage interest rate changes, your monthly payment will be recalculated.
Overpayments of £2,000 or more
If you make an overpayment of £2,000 or more your monthly mortgage payment will reduce. We will confirm your new monthly payments by email, or by letter, once the overpayment has been credited to your mortgage account.
Overpayments of less than £2,000
If you make an overpayment of less than £2,000 your balance will reduce. Nothing will change immediately, and both your mortgage term and monthly mortgage payment will stay the same. However, the next time there is a change to your mortgage, for example if your mortgage interest rate changes, your monthly payment will be recalculated.
Overpayments of £2,000 or more
If you make an overpayment of £2,000 or more your monthly mortgage payment will reduce. We will confirm your new monthly payments by email, or by letter, once the overpayment has been credited to your mortgage account.
You will need to tell us whether you would like to overpay towards the interest only or repayment part. If you do not tell us, we will place the payment against the repayment part.
Overpayments of less than £2,000
If you make an overpayment of less than £2,000 your balance will reduce. Nothing will change immediately, and your monthly mortgage payment will stay the same. However, the next time there is a change to your mortgage, for example if your mortgage interest rate changes, your monthly payment will be recalculated.
You will need to tell us whether you would like to overpay towards the interest only or repayment part. If you do not tell us, we will place the payment against the repayment part.
Check your overpayment allowance.
Most of our products allow you to overpay up to a certain limit without incurring an Early Repayment Charge. Before making an overpayment towards your mortgage make sure you check your current overpayment allowance.
Please refer to your most recent mortgage offer for the full details. If you are unsure of your remaining allowance, please contact us to check.
- Call our friendly, helpful team on 0330 123 0723
- Email us at [email protected]
Can an overpayment be refunded?
Once a payment has been credited to your mortgage account, it cannot be refunded. If you believe that you may need this money for other purposes, we recommend that you take independent financial advice before making any overpayments.
How to make an overpayment.
Debit card payment by phone.
You can make a payment of up to £10,000 per day, subject to your card provider’s limits.
Call us on 0330 123 0723 and we’ll be happy to help.
Bank transfer.
Transfer from a UK bank account.
You can make a one-off bank transfer to:
Account name: Your own first and last name (NOT Suffolk Building Society)
Sort Code: 23-44-48
Account number: 00004000
Reference number: Your full mortgage account number and sub account number
Transfer from a non-UK bank account.
You can make a one-off international bank transfer to:
Account name: Your first and last name (NOT Suffolk Building Society)
Sort Code: 23-44-48
IBAN: GB85 BARC 204667 10479667
Swift/BIC: BARC GB22
Reference number: Your 11-digit mortgage account number.
For a bank transfer your payment may take up to 3 working days to be credited to your account.
By cheque
To make a payment by cheque please use the below details:
- Make your cheque payable to the names of the mortgage account holder/s (NOT ‘Suffolk Building Society’).
- Write your mortgage account number on the back of the cheque.
- Take your cheque into any of our branches, or post it to us at:
Suffolk Building Society, Freehold House, 6-8 The Havens, Ipswich, Suffolk, IP3 9SJ
Confirmation of Payee.
Confirmation of Payee is a name checking service, designed to help protect you against fraud, and to help prevent payments going to the wrong place.
When making a payment via a website or an app, Confirmation of Payee checks the details you’re using against the name on the account you want to pay into. A message is displayed to confirm whether the details ‘match’ so you can see whether your payment is being sent to the right place.