Yes, we allow overpayments.
There is no limit to how much you can overpay when applying for a PT with overpayment. The loan must still meet the minimum loan amount for the product selected.
When you come to the end of your fixed period or are on the Standard Variable Rate (SVR), if you wish to do a Product Transfer (PT), you are able to request an overpayment as part of your application. The broker will enter how much you wish to decrease your loan size within the application and inform you of the relevant documentation you will need to provide.
Once the offer has been made, we will send you information on where and when to send us the overpayment funds. If the loan isn’t yet reverted, we would require the funds by the 22nd of the month of reversion. If your loan is tracking SVR, we will request the overpayment be made to us at the time of offer.
Documentation required
You will be asked to provide supporting documentation to verify the source of funds used for any overpayment or balance reduction. This may include, but is not limited to, recent bank statements or other evidence that demonstrates the legitimate origin of the funds.
This request is made in accordance with our obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended.
Failure to provide satisfactory evidence may result in delays or an inability to proceed with your request.