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How do I confirm the overpayment allowance for my Mortgage?

How do I confirm the overpayment allowance for my Mortgage?

You can find how much you can overpay on your mortgage by using our online self service platform 'Manage my Mortgage'. This is the easiest way to find information which is specific to you. There's lots of other helpful information to help you decide how much to pay and when. You'll also see what your balance and monthly payments will be if you make a lump sum overpayment. If you have a fixed interest rate or tracker product, you’ll see how much you can overpay before an early repayment charge applies in your current allowance period. If you are on our standard variable rate, you’ll see that you can overpay as much as you like without an early repayment charge. You don't need to commit to making a payment to gather all the information you need.

If you decide to go ahead and make a payment then this is also the quickest way to get your money into your mortgage account. Once your payment is made, you’ll receive email confirmation to help you keep track and it'll be added to your mortgage within a few hours.

You can find 'Manage my mortgage' in the Royal Bank of Scotland app or Digital Banking. If you haven't used them yet, here's some guidance(opens in a new window) on how to access them. It doesn't matter whether you have other Royal Bank of Scotland accounts or just a mortgage. Using the app saves the need for a one-time passcode each time you want to see your mortgage.

If an App isn't for you, you can use Manage your Mortgage(opens in a new window) where you can just see your mortgage account using a one-time passcode.

Once you've logged in, select 'My payments and services' from the main menu, 'My payments' and then 'Make a payment'. Lump sum overpayment is the option you need to gather information before you make a payment. If you prefer to set up a regular overpayment, make the same selections but choose the Set up a regular overpayment option.

Overpayments are a great way of reducing the interest you pay over the lifetime of your mortgage. You can make payments as and when you want or set up a regular overpayment to be collected alongside your monthly Direct Debit. You can also benefit from reducing your monthly payment to put a little extra in your monthly budget. Making overpayments doesn't automatically reduce the term of your mortgage.