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It’s important that you understand your mortgage statement, so here’s a breakdown of each section in your statement.
In this section you’ll find your opening balance, details of any insurance you’ve paid, fees and interest that’s been charged and your final balance. You’ll also see any amounts we’ve paid on your behalf as a condition of your mortgage.
The redemption summary shows how much it would cost to pay off (redeem) your mortgage.
The amount included in your statement is how much you’d have paid to redeem your mortgage on 31 March 2025.
If you want to pay off your mortgage in full, you’ll need to call our Mortgage team on 0345 241 1724 to get an up-to-date redemption statement.
You’ll find the current charges to redeem your mortgage in our Tariff of Mortgage Charges.
In this section we show any insurance paid over the statement period.
As part of your mortgage terms and conditions, and for your own peace of mind, you must have buildings insurance.
This section shows a breakdown of the monthly payments due on your mortgage account for the statement period.
The interest rates that have applied to your mortgage account(s) during the statement period are shown in this section.
If you have a mortgage regulated by the Consumer Credit Act this will be shown on a separate mortgage statement.
If you’re on a variable rate, we’ll write to you to let you know if your interest rate is changing.
This section shows your repayment method and the remaining term on your mortgage.
In this section you’ll find all the transactions made on your mortgage in the statement period. This could include:
If your closing balance has gone up this could be due to administration charges or if full monthly payments haven’t been received by the end of the statement period.
If you have an interest only mortgage, your closing balance won’t come down as you’re only paying the interest on the loan. The repayment of your mortgage is your responsibility. For example, through an endowment policy or an alternative investment plan.
As there’s still uncertainty with interest rates, knowing how your mortgage payments could be affected by interest rate changes is important.
Here’s an example of how payments could be affected if rates go up. This is based on a £137,000 mortgage, repaid over 22 years with a starting rate of 4.72%, and a monthly payment of £835 (repayment) and £539 (interest only).
| Anticipated rate increase | Interest rate | Total monthly payment based on a repayment mortgage | Total monthly payment based on an interest only mortgage |
|---|---|---|---|
| 4.72% | £835 | £539 | |
| 0.25% | 4.97% | £854 | £567 |
| 0.50% | 5.22% | £874 | £596 |
| 0.75% | 5.47% | £893 | £624 |
| 1.00% | 5.72% | £913 | £653 |
| 3.00% | 7.72% | £1,080 | £881 |
| 5.00% | 9.72% | £1,259 | £1,110 |
Depending on the mortgage product you have, you may be able to pay either a lump sum or a regular amount on top of your usual monthly payment. These can be made at any time and will help bring down your overall mortgage balance and the amount of interest you pay, so that you pay off your mortgage earlier. Our overpayment calculator will help you.
To find out the amount you can overpay and to check whether you’ll have any Early Repayment Charges either look at your mortgage offer or call our Mortgage team.
If you’re worried about your mortgage payments, get in touch with us as soon as possible. Our Mortgage Support team are here to help on 0800 083 8031 or 0345 241 0593. Getting in touch with us as early as possible is important, as talking to us will not affect your credit rating, only missing payments will.
You can also find helpful information and contact details for other companies who offer free advice here.
