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Understanding your mortgage statement 2018

Below you will find:

Your summary statement explained

Your itemised statement explained

Mortgage FAQs

Your summary statement explained

Example mortgage statement 2018


1.    Balance at 1 January 2018

The money you owed as at 1 January 2018.

2.    Amount advanced during 2018

Any additional money you borrowed from us during 2018, or the original advance if the mortgage was taken out during 2018. If you had any monies advanced during 2018 and opted to add any fees to this amount, they will be included in this figure.

3.    Interest charged during 2018

This figure shows you how much interest was charged on your mortgage accounts(s) during 2018.

4.    Other charges

A figure totalling any other charges applied to your mortgage.

5.    Payments received in 2018

The total payments credited to your mortgage in 2018.

6.    Balance as at 31 December 2018

This is your outstanding mortgage balance at 1 January 2018 (or the original advance if this is a new mortgage) plus interest charged, any additional advances and fees or charges for the year minus all mortgage payments you made in 2018.

Example mortgage statement

7.    Interest rates

The interest rate(s) charged on your mortgage during 2018, together with the dates on which they changed, if this applies.

8.    Cost of repaying your mortgage early

This is how much it will cost if you decided to repay your mortgage in full early, and is correct as at 31 December 2018. This will include a mortgage exit fee, unless your mortgage has less than one year to run on your entire mortgage balance at the time of redemption. Also, an early repayment charge (ending your mortgage) may apply.

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.

Example mortgage statement 2018

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

Your itemised statement explained

Example mortgage statement 2018

10.    Amount due in 2018

A list of the payments that were due in one month on your mortgage during 2018. If you find the amount varies significantly to other months, this could be due to an interest rate change on your mortgage, borrowing further funds or changes you have made to your mortgage e.g. from interest-only to capital repayment.

11.    Amount received in 2018

A breakdown of payments you’ve made to this mortgage during the past 12 months.

Please note 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 on 0800 121 8899 or visit your local branch and we’ll be happy to provide an up to date full redemption quotation.

Mortgage FAQs