Warning:THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Below is an example of a typical mortgage statement and shows where you should look for the most important information.
Please refer to the key below for help and information relating to each number.
1. Balance Brought Forward
The balance outstanding at 31 December 2015 brought forward from the last annual statement, where appropriate. If your mortgage started during 2016, the original date and amount of the loan will be shown.
2. Insurance Arrangements
If your insurance arrangements are held with us, the premium(s) charged to the account will be included in the ‘Debits (£)’ column. The insurance premiums are included within your monthly repayments, as show in the ‘Credits (£)’ column.
Please note that following the withdrawal of the Society’s Homecover scheme, effective from 31st March 2016 (30th April 2016 for some customers), premiums for Homecover were not due after this date and therefore not collected beyond the withdrawal date. Any insurance premiums debited beyond the withdrawal date will be in respect of any Mortgage Payment Protection Insurance policies held with the Society and paid with the mortgage.
3. Loan Repayments
All loan payments made to the account are shown in the ‘Credits (£)’ column. Any returned payments (unpaid) are shown in the ‘Debits (£)’ column. Refunds are also shown in the ‘Debits (£)’ column as they represent a refund of the amount(s) that you have previously paid to the account.
4. Fees & Charges
All fees and charges are shown in the ‘Debits (£)’ column. Most items charged to the account will have a short description of the type of fee incurred. Please refer to the Tariff of Mortgage Charges or the relevant link on the right hand side of this webpage for details of the mortgage fees and costs. Unless you make an additional payment to cover any fees charged, as shown in the example statement, the mortgage balance will increase.
5. Interest Charged
The interest charged to the mortgage account for the period from 1 January 2016 to 31 December 2016. It is the total of the interest applied to all parts of your account (see number 7). The figure takes into account any changes to the rate of interest charged throughout the year (see number 14). Where you have made a lump sum capital payment or taken out a Homeowner Loan, the balance on your account will change and this will also affect the amount of interest charged.
6. Balance Carried Forward
The balance outstanding at the end of the year. This figure takes into account all debits and credits on your account in 2016 as shown on your statement.
7. Mortgage Part Number
Your mortgage account may be made up of different parts. Each account will have at least one part, which has its own rate of interest, repayment type and term. It is possible to have an account with two or more parts with differing details, for example a Homeowner Loan.
8. Mortgage Product
The product that you have chosen for each part of your mortgage.
9. Repayment Type
The repayment type of the part shown. Please refer to the page ‘Your Mortgage’ on this website or the “Understand your mortgage” leaflet for more details of the different repayment types.
Where some or all parts of your mortgage operate on interest only, it is particularly important that you read this information.
10. Outstanding Balance
The balance outstanding on each part of your mortgage at 1 January 2017. The totals of each part will add up to the overall balance carried forward at 31 December 2016 shown on the annual statement (see also number 6 above).
11. Current Interest Rate
The interest rate on each part of your mortgage at 1 January 2017.
12. Term End Date
The date on which each part of your mortgage is due to end. Where some or all parts of your mortgage operate on interest only, this is the date you will be required to make a lump sum payment to repay the interest only balance(s) in full. Please also see number 9 above for further information.
13. Regulated Part
In the United Kingdom, the Financial Conduct Authority is responsible for the regulation of residential mortgages and certain buy to let mortgages taken out on or after 21 March 2016 which are not held by the borrower for business purposes. Borrowers that take mortgages that fall within these categories benefit from certain protections under the regulatory system.
14. Interest Rates Applied to Your Mortgage
This section shows the interest rates applied to each part of your mortgage between
1 January 2016 and 1 January 2017 and the dates any changes took effect. The interest rates shown in this section apply to the open part(s) of your mortgage and do not include details for any parts closed before 1 January 2017.
15. Monthly Payments Due on Your Mortgage
This section lists all the payments that were due on your mortgage during 2016. This should be read in conjunction with the payments you actually made as illustrated in the ‘Credits (£)’ column of your annual statement.
16. Amount Required to Redeem Your Mortgage
This section shows details of the amount required to redeem your mortgage at 31 December 2016. This figure includes the balance carried forward at 31 December 2016 from your mortgage statement, plus any early repayment charges (see section 17 below) and mortgage exit fees, if applicable. The amount to redeem your mortgage shown in this section of your statement, is an illustration only and any fees included have not been charged to your account. These fees would only be charged should you choose to redeem your mortgage in the future. This illustration was only valid to 31 December 2016 and cannot be used for redemption purposes. If you are intending to redeem your mortgage, please contact us for an up to date redemption statement. Further information on how to contact us is shown on your statement.
17. Early Repayment Charges
This section shows details of any early repayment charges calculated as at 31 December 2016, if applicable, under the terms and conditions of your mortgage product(s). This information is shown per product.
If you think that any of the details on your statement are incorrect, please contact the Statement Enquiries Team.
Find out more about the different ways of repaying your mortgage »
If you currently do not pay by Direct Debit, but would like to in the future, just contact us on 03450 540911 and we can set this up over the telephone in just a few minutes.
Alternatively, you can download a Direct Debit Mandate in PDF form here: Direct Debit Mandate »
Please complete the form and send it to the Society ensuring that you quote your mortgage account number in the box marked ‘Reference number’.