Your itemised statement explained
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.
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.
Call us on 0800 121 8899
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- Saturday 9am-2pm
- Sunday & Bank holidays Closed
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