You could save money over the life of your mortgage by making an overpayment. Whether you want to pay off a little extra each month or make a single overpayment it could help you to:
reduce the amount of interest you pay;
reduce the amount you owe; and
be mortgage-free sooner.
You can make either:
single overpayments, which you can make at any time; or
regular overpayments, which are taken each month with your mortgage Direct Debit. You can set up and cancel your regular overpayment at any time.
If you have an interest only mortgage your overpayment will reduce your monthly payment. If you want to reduce your mortgage term please speak to us on 0800 783 9738 to see what your options are.
To find out how much you could save by making an overpayment use our overpayment calculator.
Early repayment charges
Depending on the type of mortgage you have, you may be charged an early repayment charge (ERC) for making an overpayment. You can use the below table as a guide. Your original mortgage offer, annual mortgage statement or the mortgage section in Online Banking will give details of any ERCs that apply to you.
|Type of mortgage||Overpayment amount 1||Early repayment charge (ERC)|
|Santander tracker rate||Unlimited||No ERC|
|Santander fixed rate||Overpay up to 10% of your outstanding balance each calendar year (January to December) with no early repayment charge|
|Santander's Follow-on Rate (variable)||Unlimited||No ERC|
|Santander Standard Variable Rate||Unlimited||No ERC|
|Santander Flexible Offset||Unlimited||No ERC|
|Alliance & Leicester tracker rate||Unlimited||No ERC|
|Alliance & Leicester fixed rate||Overpay up to 10% of your outstanding balance each year in January with no early repayment charge|
|Alliance & Leicester Standard Variable Rate||Unlimited||No ERC|
1 No minimum overpayment amount applies.
How do I make an overpayment?
If you'd like to make an overpayment on a fixed, tracker or Standard Variable Rate mortgage please call us on 0800 917 5630.
If you would like to make an overpayment on a Flexible Offset mortgage, simply use Online Banking or call us on 0800 917 5630. Lines are open 8am to 7pm Monday to Friday and 8am to 1pm Saturday.
If your circumstances change, you may be looking to make some changes to your mortgage either:
to pay off your mortgage earlier
to make your monthly mortgage payments more affordable
to make sure you pay off all your mortgage at the end of your term by changing from an interest only mortgage to a repayment mortgage
or a combination of the above
Make sure you have all of the information about your current mortgage available, including balance, repayment method, term and interest rate. You can get an up-to-date view by:
You can use our calculator to understand whether the changes you would like to make are affordable. The figures are only a guide to what you might pay. The exact cost will depend on the particular mortgage you choose and how interest is calculated on your mortgage.
If you think the changes are affordable, please call us on 0800 051 5579 where a Mortgage Adviser will explain the next steps to you. To make sure you have the right information to hand when you speak to us, please print the results from the calculator. As part of the application we will make an assessment of your income and outgoings. Please click here to help you prepare the documents we will need to see as part of your application.When you’ve submitted your application and supporting documents to us, we will contact you with an initial decision. If you then want to go ahead with your application, we will arrange a suitable time for a fully advised interview.
View your mortgage in Online and Mobile Banking
If you have a Santander current account, savings account or credit card as well as a Santander mortgage, sign up for Online and Mobile Banking here
If you have a mortgage with us but no Santander current account, savings account or credit card, you can still sign up to view and manage your mortgage online. You'll need your mortgage account number which you can find on your latest statement.
Adding and removing people named on your mortgage
You can make an application to add or remove someone from your mortgage. We’ll need to make sure you can still afford your mortgage payments after we make this change.
As part of your application:
When you’ve submitted your application and supporting documents to us, we’ll contact you with an initial decision. If you then want to go ahead with your application, we will arrange a suitable time for a fully advised interview.
When you’ve completed the interview and if your application is successful, we’ll send paperwork to both you and your solicitor to sign and return before any changes are made.
Letting your property
Depending on your circumstances, you may be able to let your property if you:
have held your Santander mortgage for more than six months
are not in arrears on your mortgage payments.
Make sure you contact us to seek permission to let your property. If you don’t, you could be in breach of your mortgage terms and conditions.
Call us on 0800 917 5630. Lines are open 8am to 7pm Monday to Friday and 9am to 1pm Saturday.
We'll send you a Consent to Let form which you'll need to fill out and return. A charge may apply
There are a number of responsibilities and financial considerations that you should take into account when letting a property. Visit our Buy to Let page to find out more.
Changing your contact details
If you need to make any changes to your details you will need to contact us in writing at:
Mortgage and Loan Operations
Alliance & Leicester Mortgages
Santander Image and Document Centre
When you write to us please include full details of the changes and ensure that everyone on the mortgage has signed the letter to confirm they are happy with this.
We will also require the following:
For change of address, a recent utility bill
For change of name, a copy of your old and new signatures as well as one of the following:
Change of name deed
Civil partnership certificate
In some instances we may require additional information from you.
When you're changing your name with us, you’ll also need to contact Land Registry to change your name on their records.
It's important you have a suitable plan to repay your mortgage when it ends. If you don't you must put one in place.
If you don't have a repayment plan or don’t think your plans will cover your mortgage, here are some options you should consider:
Switch all or part of your mortgage to repayment – this means converting your existing interest only mortgage to one where you repay the capital borrowed and the interest owed. As the monthly payments are likely to be higher, as a responsible lender, we'll make sure this is affordable.
Make overpayments – if you'd like to reduce the capital balance outstanding on your mortgage, you can make overpayments. Your original mortgage offer, annual mortgage statement or the mortgage section in Online Banking will give details of any early repayment charges that apply to you.
Sell your home – if you're planning to sell your home at the end of your mortgage term, you should consider if you'll have enough money to buy another home in your ideal location, after you've sold your current home and paid off your mortgage.
Take a lifetime mortgage – it's a loan secured against your property, which allows you to stay living in your home. You can choose to pay none, some or all of the monthly interest by Direct Debit. Any unpaid interest is added to the loan, which will increase the amount you owe quickly over time. Santander doesn't offer lifetime mortgages, however we've partnered with Legal & General to offer their Lifetime Mortgage to our customers. For more information, and to see if you’re eligible, call us on 0800 012 1583 option 3 or visit Legal & General
If you have any worries or concerns, we have a team of mortgage advice specialists who can take you through all of your options. Just call them on 0800 012 1583.
If you'd prefer, you can also get free independent advice from the following organisations:
The Money Advice Service
Call 0300 500 5000 or visit the Money Advice Service site
Citizen's Advice Bureau
Call 0345 404 0506 or visit the Citizen's Advice Bureau site
The National Debtline
Call 0808 808 4000 or visit The National Debtline site
The StepChange Debt Charity
Call 0800 138 1111 (free from all mobiles) or visit the StepChange site
All applications are subject to status and our lending criteria. This means that the amount we will lend you will depend on your individual circumstances, the type of property and the amount you borrow. For example, we may require a higher deposit if you are buying a flat or a new build property.
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