• A covering letter highlighting where they can find key information about their mortgage.
• A copy of the tariff of charges.

There are several reasons why your client's monthly payments could have increased. Some common reasons are:

• Their mortgage deal is due to end shortly.

If their current deal is due to end between 1 January and 28 February, their new payment from March will be worked out using the product they will move on to after their deal ends. This is usually our standard variable rate (SVR). They’ll find details of the rate they’ll move on to in their mortgage offer documents. We sent these when they first took out their mortgage. 
 

• If they’ve missed payments during the previous year.

This is when we’ve received fewer payments than the total payments due. For example, if we should have received 12 payments but only received 10.

• If they're on Offset Option 1 and there has been a reduction in their Offset savings balance since the last time their monthly payment was calculated.
• If fees have been added to their mortgage account and have not been repaid.
• If their preferred monthly payment date is after the expiry date of their mortgage, meaning that the last payment won’t be collected. 

If this happens we may have to spread the cost of that last payment across other monthly payments that year. 

Increases in the Bank of England Base rate and to our standard variable rate (SVR) may cause their
monthly payment to change.

• These increases may cause monthly payments to go up.
• This applies to all accounts on Bank of England (BOE) Tracker deals or accounts with any part linked to our standard variable rate.
• The BOE rate has increased this year from 3.50% to 5.25%.
• Our SVR has increased from 6.49% to 8.24%.

Monthly mortgage payments are only re-calculated at the end of the year unless your client has contacted us before then and asked for a recalculation. Any increases in the variable rate will mean your client is underpaying the interest and this may lead to an increase in their balance as more interest is being charged than is being paid.

To change their payment date your client should contact us.

If your client thinks they’ll struggle to make their monthly payment it’s important that they contact us on 0800 138 2401 to discuss this further. There are a number of ways we may be able to help them once we understand their personal circumstances.

If they don’t think they can repay their mortgage at the end of the term, they should contact us as soon as possible. We’ll look at what options are available to them. They can call us on 0800 138 1009.

• If they've missed any mortgage payments, or reduced their mortgage payment amount, the balance of their mortgage will continue to accrue interest. This would also be the case if they have taken a payment holiday.
• If they’ve chosen to add fees to their mortgage account rather than pay them separately, this will increase the outstanding mortgage balance.

Increases in the Bank of England Base rate and to our standard variable rate (SVR) may cause their mortgage balance to increase.

• This applies to all accounts on Bank of England (BOE) Tracker products or accounts with any part on or linked to our standard variable rate.
• The BOE rate has increased this year from 3.50% to 5.25%.
• Our SVR has increased from 6.49% to 8.24%.

Monthly mortgage payments are only re-calculated at the end of the year unless your client has contacted us before then and asked for a recalculation. Any increases in the variable rate will mean your client is underpaying the interest and this may lead to an increase in their balance as more interest is being charged than is being paid.