Why has my balance increased?
Your mortgage balance could increase for a number of reasons:
If you've borrowed more from us in the past year, this money will appear on your statement.
Addition of fees
If you have opted to have a fee added to the account, you will be charged interest from the day it is added to your account.
Also, your initial mortgage payment may have been calculated on the amount borrowed, which may not have included the product fee. This means your mortgage payment may rise when the fee is added to the balance and your new payment is calculated, for example following an interest rate change.
If your December monthly payment reaches us after 31 December because of public holidays, it will be credited in January. If you want to avoid this situation, you can change the date your payment is collected by calling us on 0800 1216263.
If you haven't paid your insurance premiums in full during the year, the amount owed is carried forward to the next year.
Missed payments and mortgage accounts in arrears
If you have missed any of your mortgage payments, in part or in full, the interest that has been charged is calculated on the total balance outstanding which includes these missed payments, and any fees that may have been charged to the account.
Interest is still added to the balance of your account during a payment holiday.