how to set up an overpayment on my cooperative bank mortgages
You may have to pay an early repayment charge if you are making a lump-sum overpayment during an early repayment charge period. Your Key Facts Illustration and offer letter will tell you if early repayment charges apply and how long for. After the first year of your mortgage your annual statement will tell you this.n underpayment is where you pay less than your monthly payment. You're not allowed to make underpayments unless you have already made overpayments. You cannot underpay using any regular or lump-sum overpayments that we've already used to reduce your regular monthly payment or to reduce your mortgage term.