Mortgage Statement Information Helping you with your mortgage statement

Mortgage Statement Information

Helping you with your mortgage statement

Helping you understand your mortgage statement

Let us know as soon as possible.  The sooner we know, the sooner we can agree a plan to get you back on track.  We’re here to help.

You can also visit the mortgages section of the Money Advice Service website moneyadviceservice.org.uk where you’ll find the free printed guides “Problems paying your mortgage”.

If you have an Interest Only mortgage the monthly payments you need to make cover the interest but do not reduce the amount you have borrowed.

It’s your responsibility to make sure you have a strategy in place to repay your loan at the end of the agreed term.

Your strategy may include the following:

  • Sale of your home or other property
  • Endowment Policy
  • Individual Savings Account (ISA)
  • Personal Equity Plan (PEP)
  • Personal Pension

If your savings or investment plan isn’t on track to repay your loan, or you don’t have a repayment strategy in place, you could consider transferring all or part of the balance onto a capital and interest repayment basis so that the balance is repaid over a period which is affordable to you.  If you don’t have a repayment strategy in place to repay your loan at the end of the mortgage term, you’ll still be liable to us for the balance outstanding and your home may have to be sold to repay the money owing to us.

We recommend that you review whether or not an interest only loan is still appropriate for your circumstances.

If you are concerned about your ability to repay the amount you borrowed at the end of the term, please contact us to discuss the options available.  Please contact our Mortgage Support team on 01858 412250.

You can also visit the mortgages section of the Money Advice Service website moneyadviceservice.org.uk where you’ll find the free printed guides “Take action with your interest-only mortgage now” and “Dealing with your endowment shortfall”.

If you have all or part of your mortgage on an interest only basis we’ll contact you at regular intervals during your mortgage term to ensure you have an appropriate repayment strategy in place.

If you have any concerns about whether your income in retirement will be enough to maintain your mortgage payments, please contact our Mortgage Support team on 01858 412250.

Are you approaching the end of the early repayment charge or discount period?  You may qualify to have a new product from our range.  Our Mortgage Sales team who are available on 01858 412610 will be happy to discuss your options with you.

If you have a residential mortgage, remember that you must obtain our consent before you let your property.  For further information, please contact our Mortgage Support team on 01858 412250.

Please ensure that all overpayments are made from a UK bank account.  Payments from a non-UK bank account will not be accepted.

The Society will automatically allocate any overpayments made that are less than £2,000.  The auto allocation will split the overpayment across your mortgage parts (if more than one part is held) and will not necessarily allocate the repayment to the part of the mortgage with the highest rate.

If you hold a mortgage with a balance of approximately £100 or £500, you may wish to pay the annual interest figure to the Society on receipt of your statement.  The payment can be made either by debit card by contacting our Mortgage Support team on 01858 412250, or by cheque – if you pay your mortgage by cheque, please make it payable to you.  e.g. Mr A Smith.

From time to time we would like to provide you with information about our products and services that may be of interest to you.  If you agree to being contacted, please let us know your preferred method i.e. email, postal or phone.

If you change your mind at any time, simply contact us and we’ll update your marketing preferences.

If you have any questions about your statement or mortgage (including your insurance), please call us on 01858 412250 – we’re here:

Monday – Friday              9am – 5pm

Saturday                              9am – 12pm