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Example of an annual mortgage statement

This sample Mortgage Statement highlights the most common transactions that may appear on a Mortgage Statement – however, these are unlikely to appear together on one statement. Therefore, please note that your own statement may not contain some of these transaction types. The statement shown is for illustration purposes only and does not relate to any existing or past borrowers.

If you have any queries regarding your Mortgage Statement which are not covered in this guide, please contact our mortgage team.

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Overview of your Mortgage
This overview reflects the total transactions applied during the statement period.

  1. Other Insurance
    This will list any other insurance paid, such as ASU (Accident, Sickness and Unemployment). Your Accident, Sickness and Unemployment cover is provided under the West Brom’s Loan Protection Scheme insurance.
  2. Other Credits
    This will show any amounts that have been paid on your behalf by the West Brom as a condition of your mortgage product.
  3. Redemption Summary
    This figure is for information only and should not be used to repay your mortgage account. Should you wish to repay your mortgage account, you’ll need to request a redemption statement from us. To do this, please call our Mortgage team on 0345 241 1724. Please refer to our Tariff of Mortgage Charges for current details of charges.
  4. Insurance
    It is a requirement of the terms and conditions of your mortgage, and for your own peace of mind, that you hold adequate buildings insurance.
  5. Payments Due
    This will list the monthly payments that were due on your mortgage account throughout the statement period.
  6. Rates of Interest
    This will show the rates of interest applied to your mortgage account(s) during the statement period. Please note, if you have a mortgage regulated by the Consumer Credit Act your statement will contain additional information.
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  1. Mortgage summary details
    This will show the repayment method and remaining term on your mortgage account(s).
  2. Debits
    Figures in this column add to the Balance on your mortgage account and include Interest for the Year, Insurance Premiums, etc.
  3. Credits
    Figures in this column reduce the Balance on your mortgage account.
  4. Payment Reversal
    This will appear on your statement if, for any reason, your cheque has not been cleared by your bank. In addition, any internal transactions will also appear as reversals.
  5. Repayment Methods
    These are the ways payments have been made to your mortgage − Payment at a branch, Direct Debit, Bank Payment, Standing Order and Debit Card Payment.
  6. Fees
    These are charges made to cover the costs of administration. Please refer to our Tariff of Mortgage Charges.
  7. Capital Repayment
    This is a lump sum payment (which must be above £1,000*) made to reduce the total amount outstanding on your mortgage. The repayment may be followed by the relevant interest adjustments.
    *except for Flexi-Mortgages
  8. Debit Interest
    This is the interest charged for the period shown on the Mortgage Statement. On monthly loans, interest will be debited on the last day of the month.
    Where you are on a variable mortgage rate, changes to the interest rate during the year will have been advised in writing.
  9. Closing Balance
    This is the amount at the end of the statement period and the figure that will be carried forward to the next period.

If you have any queries regarding your Mortgage Statement which are not covered in this guide, please contact our Mortgage team on 0345 241 1724.

Important information

If all or part of your mortgage is an interest only mortgage, this means your monthly payments only cover the interest that is charged on your mortgage. The costs of any savings plan or other investment you may have arranged, to build up a lump sum to repay the amount you borrowed at the end of the mortgage term is not included. For all types of repayment plan, we recommend that you regularly obtain confirmation, together with financial advice, from your repayment plan provider(s) to ensure that the projected maturity value will be sufficient to repay your borrowing at the end of the term.

You can update us with your repayment plans by completing our interest only assessment form. If it indicates a potential shortfall, you have a number of choices to consider depending on your individual circumstances. To understand more about the options that may be available to you, call our Mortgage team on 0345 241 1724 (we are open Monday to Friday 8.30am to 6.00pm; Saturday 8.30am to 12.30pm) or visit our Interest only mortgages page.

It is your responsibility to ensure you maintain adequate life cover throughout the term of the mortgage and, where interest only payments are being made, that you have sufficient investment funds available at the end of the mortgage term to repay the remainder of the mortgage balance.

Annual mortgage statement FAQs

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