Making overpayments

With our fixed rate mortgages, you can make additional mortgage repayments up to the value of 10% of your mortgage balance each year whilst you are within your deal period, without incurring any early repayment charges. If you exceed your annual overpayment allowance, an early repayment charge will be charged on the amount you have repaid above the 10% allowance. At the end of the fixed rate period, you are able to make unlimited overpayments.

If you are on a tracker rate mortgage or the standard variable rate, you can make overpayments at any time without incurring any early repayment charges.

How much could I save?

Our mortgage overpayment calculator provides an indication of how much interest and time you could save in paying off your capital repayment mortgage, by making regular monthly overpayments.

Warning – the information provided by this tool is for illustrative purposes only and is not a precise calculation. Please note that the calculator assumes that overpayments are made within the annual overpayments allowance and does not include any early repayment charges.

This information does not include all of the details that you need to select a mortgage or compare mortgages. Make sure you read the separate Mortgage Illustration (ESIS - European Standardised Information Sheet), you can get one of these by calling us on 0800 923 1536.

We’re open 8am–8pm Monday to Friday and 9am–1pm on Saturday (excluding bank holidays).

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Think carefully before securing other debts against your property.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Assumptions for overpayments calculator

Interest rate: The calculator assumes that interest rates will remain the same for the whole term. (A precise calculation would depend on the type of mortgage product you choose, for example a tracker mortgage tracks the Bank of England base rate and interest charged would change depending on these variations).

Years and months: These calculations are based on a year being 12 months and that all months are of equal length. (A precise calculation would show a slight variation from month to month as interest is charged daily and the number of days in a month varies).

Time saved: The calculator presents time saved as years/months and is rounded up or down to the closest month. Therefore it will either slightly understate or over state the amount of time saved.

Payment amounts: The calculator does not round figures to calculate the amount of interest payable over the full term of the loan, but does present the result as rounded up or down to the nearest pound. Therefore it will either slightly understate or overstate the repayment amount.

Overpayments: The calculator assumes that the overpayments illustrated remains constant throughout the life of the loan and are made on a monthly basis. If overpayments are made on an adhoc basis, this will reduce the standard monthly payment not the projected loan term. The calculator does not factor in any charges for early repayments and is based on a capital repayment mortgage.

Interest saved: The amount of interest saved is rounded and is approximated from the time saved. It does not take into account any interest payable on the balance in the final month where it is not a complete month.

Warning – the information provided by this tool is for illustrative purposes only and is not a precise calculation. Please note that the calculator assumes that overpayments are made within the annual overpayments allowance and does not include any early repayment charges.

This information does not include all of the details that you need to select a mortgage or compare mortgages. Make sure you read the separate Mortgage Illustration (ESIS - European Standardised Information Sheet), you can get one of these by calling us on 0800 923 1536. We’re open 8am–8pm Monday to Friday and 9am–1pm on Saturday (excluding bank holidays).

Make overpayments

To make overpayments on your M&S Bank Mortgage call us on 0345 002 1127. Lines are open 8am–8pm Monday to Friday (excluding bank holidays) and 9am–1pm on Saturday (excluding bank holidays).

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