Your Annual Mortgage Statement

We send your annual mortgage statement to you each year, and you should have received it in the post by 14 February 2023.

Your 2022 statement covers the period 1 January 2022 – 31 December 2022. For a guide to each section of your statement, see the Understanding your Mortgage Statement leaflet we’ve included in your pack, or view it online here.

Frequently asked questions

What's included in my annual mortgage statement?

  • A covering letter highlighting key information about your mortgage

  • A leaflet that explains what you’ll find in each section of your statement, and includes other useful information about your mortgage

  • A copy of the tariff of charges

  • A copy of A guide to your Offset Options booklet (if you have an Offset mortgage with us)

Why has my monthly payment amount changed?

There are several events that could occur throughout the year that could result in your mortgage payment amount increasing at annual review. Some common reasons are:

  • If your mortgage product is due to end shortly
    If the product is due to end between the 1st January and 28 February, your new payment from March will be calculated based on the follow on product stated in your mortgage offer, e.g. our Standard Variable Rate (SVR).

  • If there has been some missed payments during the previous year
    This applies when we’ve received fewer payments than the total payments due, for example we should have received 12 payments but only received 10.

  • If you’re on Offset Option 1 and there has been a reduction in your Offset savings balance since the last time the monthly payment was calculated

  • If fees have debited your mortgage account but have not been repaid

  • Your Mortgage Payment Protection Insurance premiums may have increased

  • If your preferred monthly payment date is after the expiry date of your mortgage and so the last payment won’t be collected 
    For example, if a mortgage term is 18 years, starting from 16 July 2016, it is expected that 216 payments will be paid from the outset of the mortgage (18 years x 12 months) excluding the initial interest. The term of the mortgage will expire on 15 July 2033, but as the preferred payment date is set at the 24th of the month, the last payment we will receive will be in June 2034. This means that only 215 full monthly payments will be made in total. Therefore, the monthly payment would increase to take into account the payment that won’t be made.

Increases in the Bank of England Base rate and Increases in our Standard Variable Rate (SVR)

  • 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 0.10% to 3.50%
  • Our SVR has increased from 4.49% to 6.49%
Monthly mortgage payments are only re-calculated at the end of the year unless you have contacted us to request this during the year. Any increases in the variable rate will mean you are under paying the interest and this may lead to an increase in your balance as more interest is being charged than is being paid.

Can I change the date I make my mortgage payments?

To change your payment date please contact us.

What should I do if I can’t afford to make my monthly payment?

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

What should I do if my interest only mortgage term is coming to an end but I don’t think I can pay the outstanding balance?

If you don’t have a repayment strategy that will repay your mortgage at the end of the term it’s important that you contact us as soon as possible to discuss this further and look at what options are available to you – please call us on 0800 138 1009.

Why has my mortgage balance increased?

There are a number of reasons why your mortgage balance may have increased:

  • If you‘ve missed any mortgage payments, or reduced your mortgage payment amount, the balance of your mortgage will continue to accrue interest. This would also be the case if you have taken a payment holiday.

  • If you’ve chosen to add fees to your mortgage account rather than pay them separately, this will increase the outstanding mortgage balance.

Increases in the Bank of England Base rate and Increases in our Standard Variable Rate (SVR)

  • 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 0.10% to 3.50%
  • Our SVR has increased from 4.49% to 6.49%
Monthly mortgage payments are only re-calculated at the end of the year unless you have contacted us to request this during the year. Any increases in the variable rate will mean you are under paying the interest and this may lead to an increase in your balance as more interest is being charged than is being paid.

I have an interest only mortgage and my balance has increased over my original amount. What does this mean?

If in section 5 of your statement you see the note ‘EB’, this means that you have an excess balance on your interest only mortgage. To ensure that at end of your mortgage term you only owe the interest only amount originally agreed, we’ve recalculated your monthly payment to ensure that you repay this excess amount over the remaining term of your mortgage.

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