When will I receive my Mortgage Statement?
Statements for the period 1 April 2007 to the 31 March 2008 will be dispatched on 14 and 15 April 2008. Please allow a couple of weeks for posting. If you have not received your Statement by the end of April please contact our Customer Relationship Team on 08456 004 005 who will be able to assist you further.
What happens if I have closed my mortgage account during the period covered by the Statement?
You will not receive a mortgage statement. Prior to redemption of your mortgage we prepared a Redemption Statement, giving a full breakdown of the amount required to repay your loan. If you would like a copy of this final statement, please let us know.
What interest rate has been charged on my mortgage?
The type of mortgage product you chose determines the interest rate applicable to your account. The actual rate of interest will be shown on the page headed “Mortgage Account Summary”.
How is interest charged?
“Daily Interest Calculation” - We calculate interest on a monthly basis and adjust the interest charged every time a payment of capital is made. This way each time you make a capital payment (including any capital portion of your normal monthly payment) you get the automatic benefit of a reduced mortgage balance immediately through a reduction in the interest charged. We recalculate interest in any event at the end of each month.
“Annual Interest” – We charge interest on the outstanding balance of your mortgage at the 1st April each year and on any amount we loaned to you during the year.
Please check your statement if you are unsure which method of interest calculation your account is receiving.
What happens at the end of my discounted, fixed, capped, or tracker period?
At the end of your current mortgage product, the interest rate which will apply to your account will normally be our standard variable rate (SVR) or it could be another rate i.e. a rate linked to the Bank of England. We'll currently contact you before your mortgage deal comes to an end, offering you a choice of alternative products, including some exclusive Member deals. You may never need to remortgage.
Why is my Bank Credit (Standing Order) for March not shown on the Statement?
Payments made by Bank Credit (Standing Order) sometimes take up to 4 days to reach us. If you pay towards the end of the month it may sometimes mean that the payment due for that month does not reach us until the beginning of the following month. You may find that paying by Direct Debit is a more convenient method of paying as this ensures that your payment is paid to your mortgage account on the date it leaves your Bank. A lot of customers find this method more convenient as if there are any changes to the monthly payment you do not have to inform your Bank, we adjust it for you. If you prefer to change to this method of payment please contact contact us and we will be happy to help.
One of my monthly payments is not shown on my statement?
It could be that the payment(s) themselves were recalled by your bank therefore it would have been refunded back to them and credited to your bank account – please check your bank statements. If we have, for any reason, refunded a part of your payment, we will have sent a letter to explain why the part payment has been refunded. If there seems to be an error regarding your Payments Received, please contact us.
Why is insurance shown on my Statement when I have chosen to insure with another provider?
The insurance shown on your statement covers the period from 1st April 2007 until the date you moved your insurance elsewhere.
Can I make capital repayments to my mortgage?
Please check with us first to ensure that there are no Early Repayment Charges applicable. Although you will be charged less interest, we will not normally recalculate your monthly payment when you make an overpayment. If you make a one off payment of £500.00 or more and advise us that this should be treated as a capital repayment, we will automatically recalculate your monthly payment, unless you advise us otherwise.
What happens if I repay my mortgage early? Are there any charges?
The charges that are made will depend on the type of product you have chosen and if there are any Early Repayment Charges due.
The amount of the Mortgage Discount Fee will vary depending when you completed your
Mortgage. For more information, please refer to the Mortgage Fees and Charges Tariff supplied with your mortgage statement.
Why has my mortgage balance increased?
It may be that you have not paid all your monthly payments or they have not been paid in full or we may have released some monies held back on retention.
What happens if I can’t afford to make my monthly payments?
If you experience problems with your mortgage please let us know straight away either by contacting us. We can work together to find a solution and overcome any difficulties you maybe experiencing.
The FSA provide a leaflet called “What to do when you can’t meet your mortgage payments”. This provides useful information/helplines regardless of whether the mortgage is regulated or not. It can be located on www.fsa.gov.uk/consumer.
I have an interest only mortgage – can I change this to a capital and interest repayment method?
Yes. Please contact contact us we will be happy to assist you. Please note there is a £50 administration fee for this request.
I have a capital and interest repayment mortgage – can I change this to an interest-only mortgage?
Possibly, but you will need to let us know, in writing, the reasons for your request and how you intend to repay the capital portion of your mortgage e.g. through an endowment or other suitable investment related policy, sale of property, inheritance, tax-free lump sum or by transferring back to a repayment mortgage at a future date. Given the potential risks associated with an interest-only mortgage you should ensure that this is appropriate for your circumstances. However, the Society reserves the right to decline a request to convert all or part of your mortgage to an interest-only basis which we feel is not in your best interests.
Please contact us. Please note there is a £50 administration fee for this request.
N.B. Transferring to a repayment mortgage at a future date, without altering the term of the mortgage, could significantly increase the level of your monthly repayments.
Why is the term of my mortgage showing longer on my Statement than the term of my Endowment Policy?
The Endowment Policy(ies) that you hold may mature before the end of your mortgage term. If this affects you please contact our Customer Relationship Team on 08456 004 005 who can arrange for this to be amended in line with your policy(ies).
What are “Other Charges to your Account” shown on the Statement for?
Current charges like Deeds Administration Fee, Duplicate Statements, Legal Costs, Returned Cheques would show in this part of your Statement. Please contact us if you require a detailed breakdown of the charges that may apply to your account.
How can I protect my monthly mortgage payments?
A mortgage is a long-term commitment - very often a matter of decades. A lot can happen in that time. You may lose your job, for example, or need to spend time off work as a result of an accident or prolonged sickness.
If the unexpected happened, and, as is likely, you couldn’t get financial help from the government, how would you keep up the payments that you need to make to keep your home? And who could advise you on getting back on your feet?
We currently offer a policy through Royal & Sun Alliance, which may be able to help you. For more information, please contact us for more information.
I have several loans with you but my statement only shows one?
Since the introduction of Mortgage Regulation, all further lending since 01/11/2004 is now set up as a separate account. If further loans are taken out after this date, a separate statement will arrive showing details of the further loan(s).