How is my interest calculated?
How is my mortgage interest calculated?
We use two methods of calculating and charging interest. You may have a combination of these 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.
Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.
Call us on 0800 121 8899
Lines open
- Mon-Fri 8am-7pm
- Saturday 9am-2pm
- Sunday & Bank holidays Closed
Yesterday, people waited on average
17 seconds for savings enquiries
17 seconds for mortgage enquiries
Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.
Call us on
0800 121 8899
Monday - Friday
Saturday
Sunday
Saturday
Sunday
Bank holidays
8am - 7pm
9am - 2pm
Closed
Closed
9am - 2pm
Closed
Closed
Christmas and New Year -
Contact Centre
24 December
25 December - 26 December
31 December
01 January
8am - 2pm
Closed
8am - 2pm
Closed
8am - 2pm
Closed
Branch and agency times may vary over Christmas.
Yesterday, people waited on average
41 seconds for savings enquiries
28 seconds for mortgage enquiries
