You can choose a sub-account to overpay within Internet Banking or our Mobile Banking app.
If not, then we will apply your extra payment across all parts of your mortgage like your normal monthly payment.
Keep in mind some mortgages have an early repayment charge if you overpay more than 10% of your balance in a calendar year.
You can check your sub-accounts on our Mobile Banking app, Internet Banking or on your annual statement.
Information about sub-accounts
Your mortgage may be a combination of different repayment methods with different interest rates over different mortgage terms. If so, your mortgage will be split into multiple parts called sub-accounts. The majority of our customers will have a sub-account 01 which is their main mortgage and a sub-account 99 which holds fees. Some customers may also have a sub-account 98 if they have a mortgage account fee.
Each sub-account has a separate monthly payment that we total before collecting the full amount from you each month. When we receive your total monthly payment, we split it and give each sub-account the amount it needs to ensure you repay your interest charges for that month.
For repayment sub-accounts, each month, your payments go towards reducing the amount you owe as well as paying off the interest. Remember, for interest only sub-accounts the balance doesn't reduce as you're only paying back the interest and it's a requirement that you have a repayment plan in place. Find out more about the different ways of repaying your mortgage.
If you pay more than your monthly payment, we'll put what you pay towards each sub-account in the same proportions that we apply your full monthly payments to those sub-accounts, unless you tell us otherwise.