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.

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.

Increase your monthly payments​

Check with your lender to see if you can increase the amount you pay each month.​

This is called an overpayment. It could reduce your mortgage quicker.

Lump sum​

You could also make an overpayment as a one-off lump sum amount.​

Check your mortgage terms, there may be a limit on how much you can overpay in a year.

Shorten your mortgage term​

If you can regularly afford to pay more each month, you could shorten your mortgage term.​

​You would then pay less interest overall.

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.​

Visit Home Wise for more information

You could lose your home if you don’t keep up your mortgage repayments

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Repaying your mortgage

Buying a house with a mortgage is exciting, but it’s also a big commitment. It’s important to know how mortgage repayments work.

Repaying your mortgage

Repaying your mortgage

Buying a house with a mortgage is exciting, but it’s also a big commitment. It’s important to know how mortgage repayments work.

Repaying your mortgage