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Mortgage Statement FAQs

Mortgage Statement FAQs

When will I receive my statement?

We will send your annual mortgage statement to you by 31 January 2020. You will receive a separate statement for each mortgage account that you have with us.

What's included in the statement?

The statement will show information about your mortgage, including the mortgage balance, remaining term, interest rate, current monthly payment and all charges and credits applicable to your account during the period from 1st January 2019 to 31st December 2019. You will also receive a statement guide that clearly explains each section of your statement. However, if you require further information in relation to your mortgage account please contact our Mortgage Support Team on 028 9082 1851.

What is an interest only mortgage?

This means the monthly payments you make only pay the interest charged to your mortgage but do not reduce the mortgage balance.  Therefore, at the end of the scheduled term end date, you will still need to repay us a lump sum to clear the full amount of the outstanding mortgage balance.  You should regularly check any financial arrangements you have in place to repay the full mortgage balance, to ensure they are on target and that maturity dates coincide with the end of your mortgage term.  If your mortgage is interest only the Society has provided you with a copy of the Financial Conduct Authority leaflet ‘Interest only mortgages; act now and talk to your lender’ with your mortgage statement.

What is a part interest only mortgage?

This means the monthly payments you make only pay the interest charged to that part of your mortgage which is on an interest only basis and the payments of interest do not reduce the mortgage balance on this portion of the mortgage.  Therefore, at the end of the scheduled term end date, you will still need to repay us a lump sum to clear this portion of your mortgage balance.  You should regularly check any financial arrangements you have in place to repay this portion of your mortgage balance, to ensure they are on target and that maturity dates coincide with the end of your mortgage term.  If your mortgage is on a part interest only basis the Society has provided you with a copy of the Financial Conduct Authority leaflet ‘Interest only mortgages; act now and talk to your lender’ with your mortgage statement.

What is my opening balance?

This is the amount owing to the Society at 1st January 2019.  It is the closing balance carried forward from your previous year’s statement.

What if my statement does not have an opening balance?

Your statement will not have an opening balance if the inception date is after 1st January 2019.  This means your mortgage started after 1st January 2019.  You will see the amount of advance and start date of your mortgage in the transaction details section.

What is a Premium Debit?

This is an annual insurance charge for Buildings insurance OR Buildings and Contents, Personal Belongings Insurance or Mortgage Repayment Protection Insurance.  You may have one or more types of insurance through the Society.  The Premium Debit for each will be shown as separate transactions on your statement.  The premium is charged annually and then repaid through your monthly payments over the next 12 months from the renewal date.  If you have insurance with the Society, details of the type of insurance you have will be shown in the Insurance section of your mortgage statement.

What is the interest at the bottom of my statement?

This is the total annual amount of interest charged to your account during the statement period.  It does not include the interest charged for the (incoming) year, 2020.

What is my closing balance?

The closing balance is the amount owing to the Society as at 31st December 2019. The closing balance does not include redemption administration fees and any early repayment charges that may apply to your mortgage.   Our current redemption administration charges are a Deeds Production Fee of £85.00 and a Deeds Sealing Fee of £85.00.   If you would like to repay your balance in full, please contact our Mortgage Accounts Team on 028 9082 1854.  They will provide an up to date redemption figure and information on the redemption process.

What if my balance hasn't reduced?

There may be a number of reasons for this:

  • Your account type is interest only therefore you are only paying the interest every month and not paying towards the capital balance. The covering letter with your statement will detail your account type i.e. Capital and Interest or Interest Only or Part Interest Only;
  • One or more missed monthly payments;
  • There may be charges which have been added to your account in respect of additional services. A description of fees that may have been charged to your account can be found in our tariff of charges.

What does the section Total Amount to Repay mean?

This section is for illustrative purposes only and shows the amount required to repay your mortgage in full as at 31st December 2019. This amount includes redemption administration fees and early repayment charges, if applicable.  These fees have not been charged to your account.  If you are intending to redeem your mortgage, please contact our Mortgage Accounts Team on 028 9082 1854 for an up to date redemption statement.

Early Repayment Charge

If an early repayment charge is applicable to your mortgage, it would only be charged if you choose to repay the mortgage balance in full before your product deal ends.  This date is shown in the early repayment charge section under ‘Payable until’.  The early repayment charge that will apply to your mortgage is based on your mortgage balance and details of the calculation and the amount is shown on your statement. 

What are redemption administration charges?

If you repay your mortgage before the scheduled term end date, then the Society will charge redemption administration fees. These fees will cover the sealing and releasing of your deeds and will be included in the cost of redeeming your mortgage or alternatively can be paid separately.  Our current redemption administration charges are a Deeds Production Fee of £85.00 and a Deeds Sealing Fee of £85.00.  

I’m paying the Society’s Standard Variable Rate; can I change my interest rate?

If you are paying the Society’s Standard Variable Rate (SVR), currently 5.00%, there may be other products available to you.  By transferring to a different product, you could pay less interest and lower your monthly payments.  Please visit our Branch Finder page to contact your local Branch to discuss your options.

Property Insurance

It is a condition of your mortgage that you have property insurance in place for your property.

If your mortgage statement says you have no insurance arranged through the Society, we would advise you to check if you have property insurance arranged with a third-party company. Please ensure the Society’s interest has been noted on the policy if arranged with a third-party company.

There are 3 different ways how you may be paying for your property insurance:

  1. The Society has arranged property insurance for you through AXA. The insurance premium will be paid monthly through your mortgage payment.
  2. The Society has arranged property insurance for you through AXA but the insurance premium will be paid directly to AXA every month. This will be separate from your mortgage payment.
  3. You have arranged your own property insurance. The insurance premium will be paid directly to your insurer. This is arranged independently from your mortgage. Please check your policy is still in force, the property is adequately insured and the Society’s interest has been noted on the policy.

If you would like to receive a quotation for property insurance, please contact one of the Society’s branches who will be able to assist you with this.  Alternatively, please click here to visit our home insurance page.

Mortgage Payment Protection Insurance

If you had Mortgage Payment Protection insurance linked to your mortgage, it was a policy that would pay out financial benefits in the event of an insured person being unable to work for a period because of a disability (following an accident or sickness) or unemployment.

If you had Mortgage Payment Protection insurance paid through your mortgage this will have ended in December 2019.   The Society wrote to inform you about this insurance ending during 2019.  The charge for the period of cover in 2019 will show on your annual mortgage statement for 2019.  There will be no further charges for this type of insurance on future statements as the cover has now ended.

Details of this type of insurance will be shown in the Insurance section of your mortgage statement.

If you think you need this type of cover, please speak to an independent financial adviser.

Speak to our team today

We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.

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