Your annual mortgage statement – frequently asked questions

Annual mortgage statements are being posted to all our mortgage members during January 2024, if you haven’t received your statement by 31 January 2024 please contact us.

If you’re having financial difficulties, or think you might be about to, please let us know as soon as possible.  You can visit our payment difficulties page to find out about the help and support available to you.

If you don’t keep up with your mortgage payments, you may need to pay extra charges, so it’s essential you tell us as early as you can if you’re having problems.

Your mortgage balance may rise for one or more of the following reasons:

• New borrowing - If you’ve borrowed more from us in the past year, this money will appear on your statement.
• Addition of fees - If you’ve opted to have a fee added to the account, you will be charged interest from the day it’s debited to your account.
• Delayed repayments - If your December monthly payment reaches us after 31 December because of public holidays over the festive period, it will be credited in January. You can call us and change the date your payment is collected to stop this happening again.
• Missed payments and mortgage accounts in arrears - If you have missed any of your mortgage payments, in part or in full, the interest that has been added is calculated on the total balance outstanding which includes these missed payments, and any fees that may have been charged to the account.
• Payment holidays - The interest that hasn’t been paid during the holiday period has been added to the balance of your mortgage and you’ll pay this back over the remaining term of your mortgage - unless you told us you wanted to make alternative arrangements such as making a lump sum  payment, making regular overpayments, changing your term or mortgage product.

Your original mortgage offer tells you what type of interest calculation we apply to the money you borrowed from us. If you have more than one sub-account you may have more than one type of interest calculation.

Annual interest schemes - In the first year interest is charged on the balance of your mortgage from the date of the initial 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.

Daily interest schemes - 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.

A ‘sub-account’ is a separate loan - if you’ve borrowed more money or split your borrowing across different parts in the past, you’ll have different sub-accounts on your mortgage. You still only make one monthly repayment, but the sub-accounts may have slightly different terms and conditions.

We credit your mortgage payment in the following order of priority (where applicable):

1. Secured personal loan
2. Further advance(s)
3. Main mortgage account.

All of our members are equally important to us, so we allow existing members to apply for any of our new business products at any time (subject to meeting our current lending criteria). Please note: in some circumstances you may incur an early repayment charge.

We will recommend a suitable product based on your needs and circumstances. You can find our current mortgage products here, or please call us to find out more.

When the Bank of England makes changes to the Base Rate, this can have an effect on your mortgage, but it depends on the type of mortgage you have.

To find out more about how a rate change could affect you or if you have a query call us on 0800 121 8899. If your mortgage rate changes, we’ll always contact you in advance.

Most of our residential and Buy to Let mortgages allow you to apply to move your mortgage product from one property to another (we call this porting).

If you’re moving an Offset mortgage we’ll set up a new Offset mortgage and savings account for you when the purchase is complete. You’ll also need to:

• Let us know whether to cancel or transfer any existing standing orders and Direct Debits. We can’t do this without your permission.
• Transfer any money from your old Offset savings account into the new Offset savings account. We can’t do this automatically for you.

When your mortgage has been repaid, transferred to another property, or transferred to a non-Offset mortgage, we transfer your original Offset savings account into an instant access account. 

You can apply to borrow more money (subject to our current lending policy), just call us and we'll help you.

Yes, you could be eligible to benefit from a lower rate to our standard rates when you borrow more on your mortgage with our Green Additional Borrowing.

Maximum additional borrowing is £25,000 and you’ll need to spend at least 50% on energy-saving improvements with the rest of the money being used for other home improvements (where relevant).

Yes you can, but how it works depends on the type of mortgage you have and the size of the payment you’d like to make. Please note: in some circumstances you may incur an early repayment charge.

For more information on making extra payments towards your mortgage, visit our paying more page.

Yes, as your Offset savings account links directly to your Offset mortgage to reduce the amount of mortgage interest you pay (the ‘Offset benefit’). If you have no Offset savings you are receiving no Offset benefit and you may wish to review your situation to see if an Offset mortgage is still right for you.

If your savings balance is greater than your mortgage, you won’t receive any Offset benefit on the excess amount in your savings. You may wish to move the excess into an account that pays interest on your savings.

Yes, you can change how you apply the Offset benefit at any time. All you need to do is contact us to request the change.

If you have a MOREgage account you will receive a separate Unsecured Personal Loan (UPL) statement on the anniversary of your mortgage. This will show you the UPL element of your account.

A Consent to Let mortgage allows you to rent out your home for a limited amount of time. To find out if Consent to Let is still suitable for you please call us on 0800 121 8899.

Please note that if you have a Consent to Let mortgage, since April 2018, for England and Wales, it’s your responsibility to ensure that your property meets the Minimum Energy Efficiency Standard (MEES). For more information go to the Government website.

If you have previously taken a Consent to Let agreement and have since moved back into your home, it’s important you update us on this too.

To help you complete your self-assessment tax return, simply call us on 0800 121 8899 to request a Certificate of Interest Paid (MIR600) for each part of your Consent to Let or Buy to Let mortgage. This certificate will contain a summary of the interest you paid in the previous tax year, and is available from April each year.

We have a landlords help section (both existing and new to the business), and you can find more information there.

Please note that if you have a Buy to Let mortgage, since April 2018, for England and Wales, it’s your responsibility to ensure that your property meets the Minimum Energy Efficiency Standard (MEES). For more information go to the Government website.

We’ll send you account statements, statutory notices and other information relevant to your account.

If we need to contact you, it’s really important we have the right details. So if you move home, change your email address or need to update your phone number, please let us know. Alternatively, if you have access to Online Services you can log on and change your personal details yourself.

Privacy Notice: We update our Privacy Notice when anything changes or there’s new information we need to tell you. You can view and download the current Privacy Notice here.

If you’re not happy for any reason, tell us. We take all complaints seriously and work hard to resolve them as soon as possible.

We can sort out most problems very quickly. We aim to resolve any concerns promptly and fairly. If you believe we have not dealt with your complaint satisfactorily, you can refer the matter to the Financial Ombudsman Service. 

If you have a query not covered here, or another question about your mortgage, please get in touch.