Category:
Flexible Features
If you’ve made overpayments, the time may come when you want to borrow your money back. We keep the money you’ve previously overpaid separate, so you can apply to borrow it back if you need to.
Things you should consider before borrowing back your overpayments
- Your mortgage balance will increase and you’ll pay more interest overall.
- Your normal monthly payment will increase because your mortgage balance will be higher. We’ll write to you to let you know what your new payment will be
- If your mortgage is on interest only, the amount you will need to pay back by the end of your mortgage term will increase. You should check that your plans are on track to pay back this amount. If you don’t have a plan or you’re worried that it might not be enough, we can help. Call our dedicated team now on 0330 159 7153. Phone lines are open Monday to Friday 08:30am-6:00pm.
- You can’t borrow back overpayments made on your unsecured loan (if you have one).
Check if you’re eligible
You may be able to borrow back your overpayments if:
- You can afford the increase to your mortgage payments.
- You’re not an undischarged bankrupt or currently in an Individual Voluntary Arrangement (IVA).
- You don’t receive support from the Department for Work and Pensions (DWP).
- You’re not in breach of your mortgage terms & conditions (for example, you can’t be letting the property without our permission).
- All parties to the mortgage agree to this (where there is more than one person named on the mortgage).
How to apply:
- Call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday.
When you speak to us, we will:
- Carry out an affordability assessment to make sure that the increased payments are affordable. It will be helpful to have information like payslips, bank statements and how much you spend on your household bills ready when you call. If you’re unable to provide us with this information, it may delay the application process.
- Use information from credit reference agencies. If you have any missed or late payments on other credit commitments, defaults or County Court Judgments (CCJs), this may affect our decision.
- Let you know whether you can borrow back your overpayments. If you’re not eligible to borrow back your overpayments and you have any worries about your circumstances, we’re here to help. You can reach our customer assistance team and speak to one of our experienced agents by calling 0330 159 7152. Their phone lines are open Monday to Friday 8:30am – 6:00pm.