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How is my mortgage interest calculated? 

We use a number of methods of calculating and charging interest. You may have a combination of different methods depending on the terms of your mortgage.

Daily Interest Scheme

Interest is charged to your account on the first day of each month. The calculation is based on the number of days in the coming month and the outstanding balance on your mortgage on the final day of the previous  month. An adjustment is then made each month for any payments into or out of your mortgage account, inclusive of the day which they occur.

Annual Interest Scheme 

In the first year, interest is charged on the balance of your mortgage from the date of the intial advance to the end of the year.  Thereafter, interest is charged on 1 January each year using the outstanding balance on 31 December from the previous year.