Paying off your mortgage early
Being mortgage free is a goal for most homeowners. Find out how to repay your mortgage early.
Can I pay off my mortgage early?
If you can afford to, then there are ways to repay your mortgage early. Read more about:
- the ways to pay off your mortgage
- early repayment charges to be aware of
- how Home Wise puts Lloyds customers in control of their payments.
Existing Lloyds mortgage customers
If you’re an existing mortgage customer, you can find mortgage payment information on our manage your mortgage page.
Ways to pay off your mortgage early
If you’re in a good financial position, you can start paying off your mortgage early in a few ways.
Early repayment charge
If you overpay more than the limit set by your lender or pay off your mortgage early, you may have to pay an early repayment charge (ERC).
The amount will vary depending on the lender and could cost more than any savings you make by overpaying your mortgage.
If your mortgage term has ended and you’re now on a standard variable rate (SVR), you can usually overpay by as much as you want. Helping you to pay off your mortgage faster.
Remember: Always check with your provider before you make any mortgage overpayments.
Home Wise
For Lloyds mortgage customers, Home Wise puts your mortgage in your pocket.
By using our mobile banking app or online banking, you can take control of your mortgage.
- View your remaining balance, term and current rate(s).
- Understand when your current deal ends.
- Get the latest estimated property value and equity.
- Apply for additional borrowing.
- Switch to a new deal.
- Use the overpayment calculator.
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