Your annual mortgage statement explained

We've created this guide to help you better understand your annual mortgage statement.

Breakdown of your mortgage account expandable section
Account transactions expandable section

1. Account Transactions – shows the transaction type for example Direct Debit, Interest, Product Fee, Mortgage account fee and the credits and debits during the statement period.
Repayment method and interest rates expandable section
Repayment Method - this is the repayment method for each sub account. There are three different ways of repaying your mortgage. These are repayment, interest-only and a combination of repayment and interest-only.

Remaining Term - this is the remaining term for each of the sub accounts.

This is the term of the longest sub account.

This confirms whether the interest on your mortgage is calculated on a daily or annual basis. If you are paying interest on an annual basis, you may be able to save money if you switch to daily interest. How Is my mortgage interest calculated?

Interest Rates – shows rates charged during the statement period.
Other items in your statement expandable section
Early Repayment Charges - the charges shown are those that you would pay if you repaid the mortgage on the date of the statement. Also included is the date when early repayment charges no longer apply. This shows the charges that will be applicable if you decided to pay off the mortgage up until the date shown. If there are no early repayment charges applicable to your mortgage, this section will not appear on your statement.

Total amount to close your mortgage – if you had chosen to repay your mortgage on the date shown, this is the total amount that would have been repayable including interest and fees. These figures will change day to day.

Mortgage payment difficulties – if you are currently finding it difficult to pay your mortgage and believe you may be facing into financial difficulties please don’t ignore the problem, there are ways we can help.

Annual Mortgage Statement

Account Number - this is your mortgage account number, please use this when you are contacting us about your mortgage.
Address - the address of the mortgaged property.
This confirms the type of products you are on:
- Fixed rate mortgage – the interest rate remains the same for a fixed period.
- Variable rate mortgage – the interest rate may vary depending on the Bank of England base rate or rates set by the Halifax.
  You may have a combination of both types, so both may apply.
- Current interest rate – this is the current interest rate on each sub account.
Balance at the start and end of the statement period – column 4 shows the sub-account and total balance of your mortgage at the start of the statement period. The end of column shows the sub-account and total balance of your mortgage at the end of the statement period.
In - shows the total credits made to each sub account throughout the statement period and the total amount paid to your mortgage.
Out - shows the total debits to each sub account. This could include interest and fees and shows the total amount added to the mortgage.