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Saturday 9am-2pm
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Understanding your mortgage statement

Your 2020 mortgage statement will be with you by 31 January 2021

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 2020

The money you owed as at 1 January 2020.

2.    Amount advanced during 2020

Any additional money you borrowed from us during 2020, or the original advance if the mortgage was taken out during 2020. If you chose to add any fees to this amount, they will be included in this figure. 

3.    Interest charged during 2020

This figure shows you how much interest was charged on your mortgage account(s) during 2020. 

4.    Other charges

A figure totalling any other charges applied to your mortgage.  

5.    Payments received in 2020

The total payments credited to your mortgage in 2020. 

6.    Balance at 31 December 2020

This is your outstanding mortgage balance at 1 January 2020 (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 2020.

Example mortgage statement

7.    Interest rates

The interest rate(s) charged on your mortgage during 2020, 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 2020. This will include a mortgage exit fee, unless your entire mortgage balance is due for repayment in less than one year. Also, an early repayment charge 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 does apply, we’ll provide its expiry date on the relevant summary statement.

Please note: this statement gives an indication only of the cost of redeeming your mortgage. If you wish to pay off your mortgage, please contact us on 0800 121 8899 or visit your local branch and we’ll be happy to provide an up-to-date full redemption quotation.

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.

If you have any queries, our dedicated Interest-only Services Team are only a phone call away and are ready to help on 0800 121 6353, Monday to Friday 8am-7pm and Saturday 9am-2pm. Please be aware that we can’t provide investment advice.  

Your itemised statement explained

Example mortgage statement 2018

10.    Amount due in 2020

A list of the payments that were due on your mortgage during 2020.

If you find the amount due in one month 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 2020

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

12.    Amount shows as £0.00

If you have agreed a payment holiday with us during the year the amount due and amount received will show as £0.00 as no money is expected into your mortgage account. At the end of your payment holiday the payments and interest that haven’t been paid during the holiday period will remain outstanding.


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