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Mortgage customers with Metro Bank with either a Residential or a Buy to Let mortgage have the option of overpaying on top of their usual monthly payments. By making use of this they could save a considerable amount of interest and may also help to repay their mortgage earlier.
For our Residential mortgage customers they can overpay by 20% a year and up to 10% for our Buy to Let customers. The amount they can overpay each year without incurring any early repayment charges is determined on the initial amount borrowed and then subsequently on what their mortgage balance is each time they switch to a new rate.
To avoid any early repayment charges customers should avoid exceeding their annual overpayment allowance, details of early repayment charges are shown in the mortgage offer.
Mortgage customers can make an overpayment at any point during their mortgage. The minimum overpayment is £500.
If they make any overpayments, we’ll reduce their mortgage balance immediately and send them details of their new monthly mortgage payment.
Unfortunately it isn’t possible to make underpayments or take payment holidays.
Please note that the payment must come from a personal account in the name of the mortgage customer, third party payments or payments from a business account cannot be accepted.
There are a variety of overpayment methods available.
To pay by cheque, please make cheques payable to Metro Bank PLC, quoting the account number on the reverse and send the cheque to us at Metro Bank, Mortgage Admin Team, PO Box 1130, Uxbridge, UB8 9XX.
Payment can also be made directly into the mortgage account, using the following details. Please quote the mortgage account number as the reference.
Bank Name: Metro Bank PLC
Account Name: Metro Bank PLC – Mortgages
Account Number: 12994907
Sort Code: 23-05-80
Reference: (Please quote the individual 8 digit mortgage account)
Existing Metro Bank customer with either a Residential or a Buy to Let mortgage with us, wanting to know more about the ins and out of their mortgage? We have some frequently asked questions that may help.