Overpayments/Repayments

What is an overpayment allowance?

Each year you are allowed an overpayment allowance of 10% of the balance on the month after the anniversary of the drawdown of the mortgage, or selection of your last product. For example, if your mortgage drawdown date was in September, your overpayment allowance would reset after the October payment. You can pay up to this amount off your mortgage without receiving any additional charges.

Please be advised not every mortgage product has an overpayment allowance.

If you wish to find out if you have an overpayment allowance, and if you do have one when it resets, please do not hesitate to contact the post offer mortgages team. You can contact us by telephoning +44 (0) 1481 712279 or emailing mortgageservices@skiptoninternational.com.

When can I start capital repayments?

A capital repayment is allowed after the first monthly mortgage repayment is made. After this you can contact the Post Offer Mortgages Team to find your overpayment allowance. Please call the Post Offer Mortgage Team on +44 (0) 1481 712279 regarding your mortgage as not all mortgages have an overpayment allowance.

Should I make overpayments?

By making overpayments whether it be a lump sum capital overpayment or a voluntary monthly overpayment, you could pay your mortgage off earlier than originally planned and save thousands in interest.

Most of our mortgage deals include Early Repayment Charges (ERCs) if overpayments are made that are more than 10% of the mortgage balance in any one year.

Please also remember that not all of our mortgages offer overpayment allowances and if no overpayment allowance is available, a charge will be applied to any overpayment that is applied to the mortgage.

Please contact us by email at mortgageservices@skiptoninternational.com should you wish to make an overpayment on your mortgage.

How do I set up a voluntary overpayment?

Firstly please confirm how much your overpayment allowance is by contacting the Post Offer mortgages. Then you can complete the Overpayment Request Form and email or post the form to us.

How can I reduce the term of my mortgage?

To reduce your mortgage term you can complete the Overpayment Request Form which can be downloaded from the Forms section our website. Using your 10% overpayment allowance will increase your monthly payments and pay off more capital which will decrease your term.

How do I make a capital repayment?

In the first instance, please contact the Post Offer Mortgages Team by letter or email on mortgageservices@skiptoninternational.com stating:

How much you wish to pay
Where the funds have come from (savings from earnings, investments, inheritance, bonus etc.)
Which bank it is coming from (Barclays, NatWest, Lloyds etc.)

Please also attach a declaration source of funds form, and proof of funds such as a bank statement.

Once this has been received it will be reviewed by the Post Offer Mortgages Team. We will contact you to confirm you can then transfer the funds with the below information.

Guernsey & UK

Bank: HSBC

Sort Code: 40.22.25

Account Number: 42660180

Account Name: Skipton International

Reference: Name - Account Number

Jersey