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

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

• If your mortgage deal is due to end shortly.

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

• If you’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 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 been added to your mortgage account and have not been repaid.
• If your preferred monthly payment date is after the expiry date of your mortgage, meaning that the last payment won’t be collected. 

If this happens we many 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 your
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 you have contacted us before then and asked for a recalculation. 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.

To change your payment date please contact us.

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.

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

• 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 to our standard variable rate (SVR) may cause your 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 you have contacted us before then and asked for a recalculation. 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.