Mortgage statements and payments FAQs

Your annual mortgage statement will be sent to you between January and April or, for customers who took out a mortgage after 1 June 2010, on the anniversary of your mortgage start date.

Please check your details to make sure that we have the correct correspondence address. If you have not received your annual statement by the end of April you can ask for another statement to be sent to you. There is no fee if you request one before the end of April.

If you'd like to go ahead and order a copy of your last annual statement, send your details using our self service enquiry form  or call us or visit a branch.

Please note that annual mortgage statements are printed on both sides.

This statement shows any charges and costs that have been charged to your account during the year.

A redemption statement is included for information purposes only. This shows you how much is left on your mortgage account and what it is based upon.

Annual statements are not sent out for accounts that have been repaid within the year because it contains the same information that was included in your ending redemption statement. If you'd like to, you can request a closing statement to be sent to your correspondence address.

If you have recently changed where you'd like your mortgage statement to be sent to we'll need signed confirmation of your new address, along with your mortgage account number. If it is a joint mortgage, all mortgage holders will need to sign.

There are various reasons why your mortgage balance may increase. For example, you may have had a payment holiday or an instalment break during the year. The missed payments are added to the mortgage, which means that the balance is increased. Please call 0345 835 3380 if you require further details about your mortgage balance.

If you have a repayment mortgage, your monthly payment is made up from two parts:

• The monthly interest
• An amount that goes towards repaying the amount that you have borrowed

As you pay off your monthly payments, your balance will get smaller and so the interest due will also be less each month. Over time, more of your payment will go towards repaying the mortgage, which will reduce the balance. So you'll gradually repay the mortgage faster and faster.

Your monthly mortgage payment(s) will have gone up if one, or more, of the following has happened:

• You've missed a payment during the year, which means that your mortgage balance has increased
• Your fixed-rate, tracker, capped or discounted period may have come to an end and the new interest rate is higher than your previous deal. See how to transfer to a new deal .
• The amount owing from your payment holiday during the year has been added to your mortgage
• Charges and costs have been added to your account
• You've asked for the term on your mortgage to be shortened
• You've switched your mortgage to a repayment

Your monthly mortgage payment(s) will have gone down if one, or more, of the following has happened:

• You have made a lump sum payment, reducing your mortgage balance
• You have made extra mortgage payments, reducing your mortgage balance
• Your fixed-rate, tracker, capped or discounted period may have come to an end and the new interest rate is lower than your previous deal
• You've asked for the term on your mortgage to be longer
• You've switched your mortgage to an interest-only

Your monthly interest is calculated as a twelfth of the whole year, rather than by the number of days for each month. So, for a month with 31 days, the payment will be slightly less than the interest charged. And, where there are fewer days in the month, the payment may be slightly more than the interest charged.

A debit is an amount that has been added to your mortgage balance. It could be:

• Interest charged
• Insurance premiums
• A return of a credit amount that was made to your mortgage account
• Charges or costs have been added

A credit is an amount that has been taken away from your mortgage balance. It could be:

• Any payment that has been received on your mortgage account
• A refund of a debit amount that was made to your mortgage account

If charges and costs are payable and not paid straightaway, then it will be added to your mortgage, appearing under sub-account 99, and interest will be charged on it. You can choose to repay the charges and costs/balance of sub-account 99 at any time to stop any further interest accruing.

If your mortgage has interest charged on a daily basis your balance is reduced straightaway from the receipt of any payment. The interest is then calculated based on the lower balance. The monthly payment will not change at this time.

If your mortgage has interest charged on an annual basis, your balance will go down straightaway. However, the balance on which interest is charged will not go down until 31 March. Interest for the following year will then be calculated on the reduced balance.

Regular extra payments cannot be used to reduce the term of your mortgage.

Tell us as soon as possible if you are having problems repaying your mortgage or think that you might experience problems shortly. You can talk to us in confidence and our Mortgage Advisors will help you all they can, including providing information to help with financial difficulties, such as claiming state benefits or getting financial advice.

Find out how we could help if you're facing financial difficulty

If you have already fallen behind with your payments, please call 0345 835 3374 .

It depends on your particular mortgage arrangements:

• On an interest-only mortgage, a lump sum overpayment will reduce the balance but not the term
• If your mortgage is set up on a repayment basis, you can apply to change the remaining term. If you do this, you will need to speak to one of our Mortgage Advisors who will check that you can afford the monthly payments over the new term and advise you if this is right for you.

You must provide details of your name, mortgage account number and, if your mortgage is made up of more than one part, include details of which individual sub-account you'd like this payment to be applied to.

You can pay your amount in a number of ways:

• At your nearest TSB Branch
• It is not possible to make capital repayments by credit card