An overpayment is money paid toward your mortgage in addition to your monthly contractual payment. This is optional, and there is no requirement for you to make any additional payments.

What are the benefits of making overpayments?

Overpayments allow you to pay down your mortgage faster and ultimately become debt-free sooner. Making an overpayment reduces your capital loan amount, which means you’ll pay less interest over the life of your loan.

Once you’ve made an overpayment, it cannot be refunded, and it cannot be used to offset any future missed monthly contractual payments.

Be sure that any overpayments you make won’t stretch your budget.

How does my overpayment impact my mortgage?

When you make an overpayment, we automatically use it to shorten your mortgage term because this will save you the most money long term. You can request that we use any overpayments to lower your monthly payment instead.

The interest savings you make with overpayments will begin as soon as we receive the funds, but your term or monthly payment will only be reduced on certain milestones. This happens on the anniversary of your loan or when you've repaid 5% of your outstanding mortgage balance, whichever happens first.

It can take a couple of working days to set up an overpayment.

You can make an overpayment from your Gen H dashboard. You can choose to overpay regularly into your mortgage alongside your monthly direct debit or make ad hoc overpayments. Overpayments can only be made via direct debit.

Just reach out to us via chat, at [email protected], or on 0330 808 1791 if you need help.