An overview of your mortgage
In this section you’ll find your opening balance for the account year, details of any insurance you’ve paid, fees and interest that’s been charged and your final balance. You’ll also see any amounts we’ve paid on your behalf as a condition of your mortgage.
Redemption summary
The redemption summary shows how much it would cost to pay off (redeem) your mortgage in full.
The amount shown in your statement is how much you’d have paid to redeem your mortgage on 31 March 2025.
If you want to pay off your mortgage in full, you’ll need to contact us to get an up-to-date redemption statement.
You’ll find the current charges to redeem your mortgage in our Tariff of Mortgage Charges.
More on redemptionInsurance
In this section we show any insurance paid over the statement period.
As part of your mortgage terms and conditions, and for your own peace of mind, you must have buildings insurance.
Payments that were due on your mortgage
This section shows a breakdown of the monthly payments due on your mortgage account for the statement period.
Rates of interest that have applied during the statement period
The interest rates that have applied to your mortgage account(s) during the statement period are shown in this section.
If you have a mortgage regulated by the Consumer Credit Act this will be shown on a separate mortgage statement.
If you’re on a variable rate, we’ll write to you to let you know if your interest rate is changing.
Mortgage summary details
This section shows your repayment method and the remaining term on your mortgage.
Transactions on your mortgage
In this section you’ll find all the transactions made on your mortgage in the statement period. This could include:
- Actual payments
This is the way you pay your mortgage (e.g. Direct Debit, Standing Order etc.). Any amounts shown in the Debit column will increase your mortgage balance, but any amounts in the Credit column will bring down your balance. - Debit interest
This is the interest that’s charged for the period of your statement (you’ll see this just before the closing balance), but if your interest is charged monthly, this will be shown on the last day of each month. - Fees
These are the costs we charge to cover administration costs and are listed in the Tariff of Mortgage Charges. - Payment reversals
You’ll only have this on your statement if a payment has been returned to you, for example a cheque hasn’t been cleared by your bank. Any internal transactions will appear as reversals too. - Capital repayments
This is a lump sum payment of £1,000* or more. They’re made to help bring down the outstanding balance on your mortgage.
*except for Flexi-Mortgages
- Closing balance
This is the amount left to pay on your mortgage at the end of the statement period. This will carry forward to the next period.
If you have an interest only mortgage
The closing balance on your mortgage statement won't go down, as you're only paying off the interest on the loan.
The repayment of your mortgage is your responsibility. For example, through an endowment policy or an alternative investment plan.
How interest rate changes could affect you
As there’s still uncertainty with interest rates, knowing how your mortgage payments could be affected by interest rate changes is important.
Here’s an example of how payments could be affected if rates go up. This is based on a £137,000 mortgage, repaid over 22 years with a starting rate of 4.72%, and a monthly payment of £835 (repayment) and £539 (interest only).
| Anticipated rate increase | Interest rate | Total monthly payment based on a repayment mortgage | Total monthly payment based on an interest only mortgage |
|---|---|---|---|
| 4.72% | £835 | £539 | |
| 0.25% | 4.97% | £854 | £567 |
| 0.50% | 5.22% | £874 | £596 |
| 0.75% | 5.47% | £893 | £624 |
| 1.00% | 5.72% | £913 | £653 |
| 3.00% | 7.72% | £1,080 | £881 |
| 5.00% | 9.72% | £1,259 | £1,110 |
Additional payments
Depending on the mortgage product you have, you may be able to pay either a lump sum or a regular amount on top of your usual monthly payment. This is called making an overpayment.
Overpayments can be made at any time and will help bring down your overall mortgage balance and the amount of interest you pay, so that you pay off your mortgage earlier.
Our overpayment calculator will give you an idea of how much money you could save, and how much time you could knock off your mortgage term.
To find out the amount you can overpay and to check whether you’ll have any Early Repayment Charges either look at your mortgage offer or contact us.
More on overpaymentsPayment difficulties
If you’re worried about paying your mortgage, our experienced Mortgage Support team are on hand to help answer any questions you may have. Taking that first step and talking to someone about money worries may feel scary, but it really is the best way to get back on track.
More on payment diffcultiesCommon questions
We sometimes charge a fee to cover administration costs on your account.
All our current fees are listed in our Tariff of Mortgage Charges.
This is usually because a mortgage payment wasn't received before the end of the financial year. To ensure that repayments are received and cleared in time, direct debits and standing orders should be arranged for payment by the 25th of each month.
If you're worried about meeting your monthly mortgage payments, have a read of our payment difficulties page.
These are credits to your account that reduce the balance and may occur when a capital repayment is made, which reduces the balance and the amount of interest charged. The difference in interest charged will be shown on your account. Any charge required for early repayment will also be shown in the Debit column.
This could be due to administration charges or if full monthly payments haven’t been received by the end of the statement period.