Here’s an example of a typical mortgage statement.
The blue numbers flag where the most important information is, and we've provided some further guidance on these parts underneath the example statement.
1. Balance brought forward
This is how much you still needed to pay on your mortgages as of 31 December 2020. If your mortgage started after this date, your start date and full loan amount will be shown here.
2. Mortgage Payment Protection Insurance Premium Loan Payment
If you have Mortgage Payment Protection insurance arranged through us, any premium(s) charged will be shown in the 'Debits' column. These premiums are paid with your monthly loan payments, as shown in the 'Credits' column.
3. Loan payment
The loan payments you've made will show in the 'Credits' column, while any refunds and returned or unpaid payments are shown in the 'Debits' column.
4. Fees
All fees and charges are shown in the 'Debits' column. Most of these items will include a short description, but you can refer to our Tariff of Mortgage Charges for further details. Unless you make an additional payment to cover a fee, as shown in the example statement, the mortgage balance will increase.
5. Interest charged
This is the interest charged for the period from 1 January to 31 December 2021. It totals the interest applied to all parts of your account and considers any interest rate changes throughout the year. If you’ve made a lump sum capital payment or taken out a Homeowner Loan, the balance on your account will have changed, and in turn affected the amount of interest charged.
6. Balance carried forward
This is how much you still need to pay as of 31 December 2021, taking into account all debits and credits shown on your statement.
7. Part number
Your mortgage account may be made up of different parts, which have their own interest rate, repayment type and term. Each part will be assigned a number. It’s possible to have an account with two or more parts with differing details.
8. Product
This is the product you have chosen for each part of your mortgage.
9. Repayment type
This is the repayment type of the part shown. Please read the 'Your Mortgage Made Simple' leaflet for more information about the different repayment types, particularly interest only.
10. Balance
This is how much you still need to pay on each part of your mortgage as of 1 January 2022.
11. Interest rate
This is the interest rate for each part of your mortgage as of 1 January 2022.
12. Term end date
This is when each part of your mortgage is due to end (and when you’ll be required to make a lump sum payment to repay any interest only balance(s) in full, if applicable).
13. Regulated part
In the UK, the Financial Conduct Authority (FCA) is responsible for the regulation of residential mortgages, and certain buy to let mortgages taken out on or after 21 March 2016, which aren’t held by the borrower for business purposes. If your mortgage falls within this category, you’ll benefit from certain protections under the regulatory system.
14. Interest rates applied
This is the interest rates applied to each part of your mortgage between 1 January and 31 December 2021, and the dates any changes took effect. These interest rates only apply to part(s) of your mortgage that were open last year, and don’t include details for any parts closed before 1 January 2022.
15. Monthly payments due
These are all the payments that were due on your mortgage during 2021. These should be read alongside the payments you actually made, as seen in the 'Credits' column of your statement.
16. Amount to redeem mortgage
This was the amount required to redeem your mortgage on 31 December 2021, and includes the balance at this date plus any repayment charges and exit fees, if applicable. This is an illustration only. These fees haven’t been charged to your account and will only be charged if you choose to redeem your mortgage in the future.
This illustration was only valid to 31 December last year and can’t be used for redemption purposes. If you’re intending to redeem your mortgage, please contact us for an updated redemption statement.
17. Early Repayment Charges
This is the Early Repayment Charge, if applicable under the terms of your mortgage product(s), calculated as at 31 December 2021 for each product.