To help us continually improve our website, we collect non-personal data with cookies. Cookies tell us how you have navigated to and around our website. To find out more or if you wish to opt-out please view our Cookies policy.
Page content

Your mortgage statement explained

The guide below will help you to understand your 2016 mortgage statement.

You should receive your statement by the end of January 2017, if you have not received it by then please contact us.

For general mortgage questions please visit our mortgage FAQs section. For queries relating to your specific mortgage account call us on 0800 121 6263 and we'll be happy to help you.

Understanding your summary statement

Select the numbers on this example statement to find out more. Alternatively you can view the PDF version (PDF 1MB) Opens in a new window.
1 Balance at 1 January 2016

The money you owed as at 1 January 2016.

2 Amount advanced during 2016

Any additional money you borrowed from us during 2016, or the original advance if the mortgage was taken out during 2016. If you had any monies advanced during 2016 and opted to add any fees to this amount, they will be included in this figure.

3 Interest charged during 2016

This figure shows you how much interest was charged on your mortgage account(s) during 2016.

4 Mortgage Protection Assurance premium

A charge for Mortgage Protection Assurance. This will only apply to loans taken out with us before 1 January 1989.

5 Property insurance premium

The total charged to your mortgage account for either 'buildings only' insurance or 'buildings and contents' insurance in 2016.

Your mortgage statement only includes the property insurance premiums if you pay them as part of your monthly mortgage payment. If you have a separate property insurance policy, it will not appear here.

6 Other charges

A figure totalling any other charges applied to your mortgage. A complete list of our fees and charges is available on request at any branch, on our website or by calling 0800 121 8899.

7 Payments received in 2016

The total payments credited to your mortgage in 2016.

8 Balance at 31 December 2016

We calculate this using the following sum:

Your outstanding mortgage balance at 1 January 2016 (or the original advance if this is a new mortgage).

+

Interest charged, any additional advances, insurance premiums and fees or charges for the year.

-

All mortgage payments you made in 2016.

=

Your mortgage balance as at 31 December 2016.

9 Interest rates

The interest rate(s) charged on your mortgage during 2016, together with the dates on which they changed, if this applies.

10 Cost of repaying your mortgage early

This is how much it will cost if youdecide to repay your mortgage during 2016, together with the dates on which they changed, if this applies.

If your mortgage consists of sub-accounts we will show the cost of repaying each part on the individual sub-account summary pages.

if an early repayment charge (ending your mortgage) does apply, we'll provide its expiry date on the relevant summary statement.

Please not that this statement gives an indication only of the cost of redeeming your mortgage. If you wish to pay off your mortgage, please call us or visit your local branch and we'll be happy to provide an up to date full redemption quotation.

11 Repayment type

A reminder of the repayment scheme you've arranged with us, which will be one of three types:

Capital repayment mortgage - each month, you repay some of the original funds borrowed, plus the monthly interest on the outstanding balance.

Interest-only mortgage - with your interest-only mortgage, your regular monthly mortgage payments only cover the interest charged on the money you've borrowed.

Part interest-only and part capital repayment mortgage - your mortgage is a mix of these two types of scheme. For example, you may be repaying the money you borrowed plus interest on half your mortgage, while paying just the interest on the other half.

An important note if you have an interest-only mortgage

With your interest-only mortgage your regular monthly mortgage payments only cover the interest charged on the amountyou borrowed. So, unless you're making overpayments, you'll still have the total amount you borrowed left to repay when your mortgage comes to an end. By having an effective repayment plan in place now, you can be more confident that your finances are on course to repay your mortgage balance.

You should check the performance of any plans you have in place to pay us back, such as savings plans or endowment policies.

Further information

If you have a query about your mortgage statement that's not covered above, or you have a question about your mortgage in general, why not take a look at our mortgage FAQs?

Alternatively, speak to one of our advisors on 0800 121 6263 or visit your local branch.

Coventry Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (firm reference number 150892 www.fca.org.uk Opens new website in another window). This site is intended for UK residents only. Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN.

Our Customer Service Centre is open Monday to Friday 8am-8pm, Saturday 9am-5pm, Sunday 10am-4pm.

Calls to 0800 numbers are free when made from the UK. You may be charged for calls to all other numbers, please contact your service provider for further details. We may monitor, record, store and use telephone calls to help improve our service and as a record of our conversation.