Mortgage special features
Having a little flexibility can make a huge difference to managing your mortgage. That's why, regardless of the mortgage deal you choose you could:
Make overpayments or part repayments
Make underpayments
Take a payment holiday
Change your repayment term
Add fees to your mortgage
Have your interest worked out on a daily basis
Outstanding mortgage balances
Make overpayments or part repayments
- You can do this at any time and you only have to pay a charge when the mortgage product you have chosen is subject to an early repayment charge.
- Even then you can pay up to 10% of the amount on that product in any 12-month rolling period free of charge*
- Any unused concession from a previous 12 month rolling period cannot be carried forward.
- You cannot take advantage of the 10% concession if you are repaying all of the money you owe us.
We reserve the right to change or withdraw this concession.
When you make the payment you must tell us that you intend it to be a part repayment of capital to ensure that the 10% concession is taken into consideration when calculating the early repayment charge. If you
repay part of the amount you owe us, you will have to tell us if you are repaying a variable bank rate loan, a special rate loan or an added rate loan. (If you do not tell us, we can decide which part of the amount you owe us you are repaying).
Great peace of mind if you need a little breathing space with your monthly payments for a while. You can make underpayments up to the amount of any previous overpayments. If you make underpayments you are still charged interest on your mortgage balance during this period.
Ideal if you would like a short break from your regular mortgage payments. Available for a period of between one and six months over the life of the mortgage. You need to have had your mortgage for at least three months, not taken additional borrowing within the last six months and be up to date on your payments. If the 'loan to valuation' exceeds our criteria you won't be eligible for a payment holiday. If you take a payment holiday you are still charged interest on your mortgage balance during this period.
You could choose to repay your mortgage over up to 40 years to help reduce your monthly mortgage payment. Equally, you can reduce your mortgage term to pay the mortgage off earlier. Just bear in mind that the longer you take to repay your mortgage, the more interest you'll be charged.
For example, if you choose a mortgage deal with a product fee you don't have to pay this upfront. You can add it on to your mortgage but you'll be charged interest. Adding the fees to your mortgage is still subject to the maximum LTV of the product you have selected.
Have your interest worked out on a daily basis
We calculate the interest we charge on new mortgages on a daily basis, rather than an annual basis. This could save you money.
Existing mortgages may be calculated on either an annual or daily basis.
Finding out the amount left to pay on your mortgage
If you're already registered for our online service, just add your mortgage on to My accounts, and the balance will be shown on the Account Summary screen.
This is not a final settlement figure - for an exact figure, call 0845 602 9717 (Lines open 8.00am to 8.00pm Monday to Friday, 9.00am - 4.00pm Saturday) and we can provide a figure verbally or it can be sent by post to you.
Need a little help?
Speak to one of our Mortgage Advisers:
- By phone - Call us on 08458 50 37 05
- Apply at your local branch - Find your nearest branch and book an appointment with a professionally qualified Mortgage Adviser on 0845 602 9717
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We may monitor and record telephone calls to help us provide a higher level of service.
