Mortgage Statement FAQs

We will send your annual mortgage statement to you by 31 January 2024. You will receive a statement for each mortgage account that you have with us.

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 1^st January 2023 to 31^st December 2023. 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.

This is the amount owing to the Society at the start of the year.  It is the closing balance carried forward from your previous year’s statement.

Your statement will not have an opening balance if the inception date is after 1st January 2023.  This means your mortgage started after 1^st January 2023.  You will see the amount of advance and start date of your mortgage in the transaction details section.

This is the total annual interest charged to your account during the statement period.  It is not the interest charged for the incoming year, 2024.

The closing balance is the amount owing to the Society as at 31st December 2023, but does not include redemption administration fees and 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.

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. Repayment (Capital and Interest Mortgage) 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. 

This section is for illustrative purposes and shows the amount required to repay your mortgage in full at 31st December 2023 including redemption administration fees and early repayment charges, if applicable.  These fees have not been charged to your account.  They will only be charged if you choose to redeem your mortgage in the future.  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.

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 fixed or discounted product ends.  This date is shown in the early repayment charge section under ‘Payable until’.  The early repayment charge which will apply to your mortgage is calculated on your balance and details of the calculation and the amount is shown on your statement.  The maximum amount the Society will charge is capped at £15,000.00.

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.  

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

This means you do not have property insurance arranged through the Society.  You may have arranged insurance through another company, which is paid directly to the insurer.  Please ensure your property is adequately insured and the Society’s interest has been noted on the policy.  It is critically important that you have at least buildings insurance arranged for your property for the duration of your mortgage term. 

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.  The Society can refer your details to AXA insurance who may be able to provide you with a quotation.  Alternatively, please click on our Home Insurance link in our Menu on this website. 

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, please read the information contained in Financial Conduct Authority leaflet ‘Interest only mortgages; act now and talk to your lender’.

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, please read the information contained in Financial Conduct Authority leaflet ‘Interest only mortgages; act now and talk to your lender’.