The Question
I’d like to start making overpayments on my mortgage. How do I go about making the overpayments? Do I phone my bank and change my monthly payment amount to the lender or will my lender arrange this?
How much extra will I be able to pay? Thanks for any help you can provide!
Jack’s Answer
In the first instance, it is best to speak to your existing mortgage lender. They will be able to give you guidance as to what you can overpay without a penalty. They will also advise on whether you can make these overpayments using a lump sum payment or regular monthly payments.
In general, most lenders will allow you to overpay up to 10% of the mortgage balance in each calendar year if you are tied into a mortgage product.
However, this does depend on what your agreed contractual terms are. You can view these within the mortgage offer document that you would have been provided.
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Meet our experts Scott Barron and Jack Tutton
Scott and Jack are co-founders of SJ Mortgages. With over 15 years industry experience and after working for large corporations, they decided to set up SJ Mortgages with the aim to provide their clients with expert advice alongside a bespoke service.
Being a totally independent whole-of-market brokerage enables them to be completely customer focused and deliver a great client outcome. Being whole of market means that they work with over 120 mortgage lenders and have access to over 10,000 products.
A mortgage is many people’s biggest financial commitment; in the current difficult mortgage market Scott and Jack are here to help you navigate the process and get you the best possible result.
Please click this link to their website to find more information, access to a calculator, blogs and to get in touch with SJ Mortgages.
Q&A with Scott and Jack: “It’s never been more important to get mortgage advice”
Q: Hi Scott and Jack, it’s great having you on board as our new experts at What Mortgage. How long have you been mortgage brokers?
A: We have a combined 15 years’ mortgage advice experience and over 20 years in the financial industry.
Q: What is your specialist area?
A: We are a whole-of-market independent brokers, so we deal with everything from first-time buyers to portfolio landlords. One of the areas with which we have great success is self-employed clients and helping them navigate lenders’ criteria as it’s not a one-size-fits-all sector.
Q: Why do you think it’s so important for people to get mortgage advice?
A: It has never been as important, with the cost-of-living crisis, inflation and interest rates, it’s vital that clients understand what is available for them and not just what one bank will offer.
Q: What’s the best thing about being a mortgage broker?
A: There are many things we both enjoy, helping clients when they have been told no, assisting first time buyers get on the property ladder and of course saving people money.
Q: What do you do when you are not helping people with their mortgages?
Outside of work, Jack is a keen football fan with Portsmouth being his favourite team. He also enjoys playing football for his local club and running, he completed the London Marathon in 2021.
Away from SJ Mortgages, Scott is also a keen football fan, supporting Southampton. He tries to watch them at least a couple times a year. He also enjoys spending time with his family.
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