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HSBC Mortgage Overpayment
Calculator
Find out exactly how much interest you save and how many years you cut off your HSBC mortgage by making overpayments — including HSBC's specific rules and limits.
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HSBC Mortgage Overpayment Rules
How much can I overpay on my HSBC mortgage?
HSBC allows most customers to overpay up to 10% of their outstanding mortgage balance per year without any early repayment charges (ERCs). For example, if your HSBC mortgage balance is £200,000, you can overpay up to £20,000 in a single year penalty-free. If you are on HSBC's standard variable rate (SVR), you can overpay by any amount at any time.
How do I make an overpayment on my HSBC mortgage?
There are several ways to make an HSBC mortgage overpayment. You can log in to HSBC's online banking or mobile app and make a one-off payment, call HSBC's mortgage team directly, or set up a standing order to overpay a fixed amount each month. HSBC recommends calling them on 0800 169 6333 before making large overpayments to confirm your ERC limit for the year.
Will HSBC reduce my monthly payment or my term?
Unlike some lenders, HSBC gives you a choice. When you make an overpayment, you can ask HSBC to either reduce your monthly payment while keeping the same term, or keep the same monthly payment and shorten your term instead. Shortening the term saves significantly more money overall — use our HSBC mortgage overpayment calculator above to see the exact difference.
What happens if I overpay more than 10% on my HSBC mortgage?
If you overpay more than 10% of your outstanding balance in a year while on a fixed-rate HSBC deal, you will be charged an early repayment charge (ERC). ERCs are typically calculated as a percentage of the overpayment amount and vary depending on how long you have left on your fixed-rate deal. Always check your HSBC mortgage offer document or call HSBC before overpaying more than the limit.
Is HSBC a good mortgage for overpaying?
HSBC's 10% annual overpayment allowance is in line with most UK lenders. HSBC's online banking and mobile app make it easy to make overpayments, and their mortgage team is available to advise on the best approach. If you want to overpay more than 10% regularly, it may be worth considering remortgaging to a deal with a higher or unlimited overpayment allowance.
Also try our other calculators
We have dedicated calculators for other major UK lenders. Try our general mortgage overpayment calculator, Nationwide overpayment calculator, NatWest overpayment calculator, Halifax overpayment calculator, Barclays overpayment calculator, or Santander overpayment calculator.