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Understanding your mortgage statement 2017

Below you will find:

Your summary statement explained

Your itemised statement explained

Mortgage FAQs

Your summary statement explained

Example mortgage statement


1.    Balance at 1 January 2017

The money you owed as at 1 January 2017.

2.    Amount advanced during 2017

Any additional money you borrowed from us during 2017, or the original advance if the mortgage was taken out during 2017.

3.    Interest charged during 2017

This figure shows you how much interest was charged on your mortgage accounts(s) during 2017.

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.    Other charges

A figure totalling any other charges applied to your mortgage.

6.    Payments received in 2017

The total payments credited to your mortgage in 2017.

7.    Balance as at 31 December 2017

This is your outstanding mortgage balance at 1 January 2017 (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 2017.

Example mortgage statement

8.    Interest rates

The interest rate(s) charged on your mortgage during 2017, together with the dates on which they changed, if this applies.

9.    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 2017. 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

10.    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. 
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.

Your itemised statement explained

Example mortgage statement

11.    Payments due in 2017

A list of the payments that were due on your mortgage during 2017.

12.    Payments received in 2017

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

Mortgage FAQs