Here’s a list of frequently asked questions…
Browse by category or type a question into the search field to find the closest matches.
Accessibility
Yes. Call us on 0330 159 7152 to request this. Phone lines are open between 8:30am and 6:00pm Monday to Friday.
Changing Account Details
Call us on 0330 159 7152 and we’ll update your details. Phone lines are open between 8:30am and 6:00pm Monday to Friday.
Or log into your account using our secure self-service facility.
Complaints
We’re sorry if we haven’t got things right. You can tell us by:
- Calling us on 0330 159 7152. Phone lines are open between 8:30am and 6:00pm Monday to Friday.
- Writing to us at: Landmark Mortgages, PO Box 115, Skipton BD23 9FE.
- Sending us a secure message through our self-service facility. To do this you must be signed up to use the service.
If we can deal with your complaint within three working days, we’ll call you to make sure that you’re happy with our decision. If you are, we’ll send you a letter to confirm this.
- If we can’t deal with your complaint within three working days, we’ll send you an acknowledgement letter within five working days to let you know that we’ve received your complaint.
- We’ll give you a reference number in case you need to contact us about your complaint.
- We’ll keep you updated of our progress throughout our investigation.
- Once we’ve completed a thorough investigation, we’ll give you a final response. This will outline the details of our investigation, how we reached our decision and what we’re going to do to put things right.
We have eight weeks to resolve your complaint, but we’ll do everything we can to deal with it as quickly as possible.
If we can’t complete our investigation within eight weeks, we’ll send you a letter to let you know and tell you what steps you can take. This will include letting you know that you can go to the Financial Ombudsman Service (FOS) if you’d rather not wait for us to complete our investigation.
Credit File Reporting
Your credit file (also known as credit history or credit record) is put together by credit reference agencies from information shared by lenders and other relevant public information. The credit references agencies use this information to calculate your credit score.
The three main agencies in the UK are:
Lenders use the information on your credit file to:
- Carry out identity checks to make sure you are who you say you are
- Check you live at the address you’ve given them
- Decide whether to lend you money and what interest rate to charge you
There is no industry standard for credit scores, so each agency uses slightly different information to calculate theirs. The higher your credit score, the better your chances of getting approved for credit.
The following information is included in your credit file:
- Your name, date of birth and any other names you previously used.
- The amount you owe on your credit agreements. For example, loans, mortgages, credit cards and overdrafts.
- Your payment history on your credit agreements.
- Any defaulted credit agreements.
- Any County Court judgments (CCJs), decrees and money judgements raised against you.
- Details of any repossessions, including voluntary repossessions.
- Details of current or recent insolvency – including bankruptcy, individual voluntary arrangements (IVA) and debt relief orders (DRO).
Every month we tell the credit reference agencies about how you’re managing your mortgage. If you have an unsecured loan with us, we’ll tell them about this separately. We’ll tell them:
- How much you owe.
- When you took out your mortgage (and unsecured loan, if you have one) and how long this was for (in months).
- Whether your payments are up to date. If your account is in arrears, we’ll tell them how many months behind you are with your payments – up to a maximum of 6.
- Whether you have a payment arrangement to pay back any arrears.
- If you have an unsecured loan, whether you have a payment arrangement on your loan which you’ve agreed through a debt management company.
- If we repossess your property or you voluntarily surrender it (sometimes called ‘handing back the keys’) to us, we’ll tell the credit reference agencies about this.
Information about your payment history, defaults or court judgments will stay on your credit file for six years. These details are always removed from your credit file after six years, even if the debt itself is still unpaid.
Details of the following stay on your credit file for six years from the date they were recorded:
- Any defaulted credit agreements.
- Debts you’ve paid off or ‘settled’ in full.
- ‘Partial settlements’ where a creditor has agreed to accept a reduced amount and write off the remainder of a debt.
- Any form of insolvency – bankruptcy, IVA, protected trust deed or Debt Relief Order (DRO).
No, it won’t. When you speak to us or a debt advisor, nobody needs to know. A debt advisor will only talk to your creditors if you ask them to.
If we agree a payment arrangement with you or offer other support with your mortgage, we’ll tell you how this will affect your credit file. If you go ahead with a debt solution where you stop paying or pay less to your debts, this will be recorded on your credit file.
If you’re struggling with your mortgage payments, please call us on 0330 159 7152 to talk about the ways we can help. Don’t let worrying about your credit file stop you from getting the support you need. Phone lines are open Monday to Friday 8:00am – 8:00pm. Or find details of the debt advice organisations we work closely with on our Independent Resources page.
Each credit reference agency works out their credit score differently, but the following factors are likely to have an impact:
- Missed or late payments.
- Defaulted credit agreements or CCJs.
- Lots of credit applications, for example for loans or credit cards, in a short space of time.
- Going close to or over the credit limit on your credit cards.
- Frequent cash withdrawals using your credit card.
- Not being on the electoral register.
- Having joint accounts with someone with a bad credit record.
You should make sure that your personal details with each of the agencies are correct as even small errors can affect your rating. If you find a mistake, you should ask all the agencies to correct it.
Make sure you’re not still part of any joint accounts or financial commitments from past relationships, like with an ex-partner or flatmate. For example, utility bills or joint bank accounts. If you’ve not got anything outstanding, you can ask the agency for a ‘notice of disassociation’ to remove a financial link between you and another person. You can find more information about the process on each of the agencies’ websites. You should contact all three of them.
You have the right to know what information the credit reference agencies hold about you. You can obtain a basic report from each of the agencies for free, although they don’t include your credit score and may take a while to come. You can view your credit reports for free at the following links:
Many of the agencies also offer a free 30-day trial, after which you’ll have to pay a monthly subscription. So, if you don’t want to be charged, make sure you remember to cancel before the 30-day trial ends.
Direct Debits
You’ll receive a charge of £6.50
The Direct Debit will usually try to collect again after seven working days. You won’t be charged another fee if this second collection also fails.
Can I stop this collection?
Yes, you can choose to cancel your Direct Debit either with your bank (up to one working day before the collection is due) or us (up to four working days before the second collection is due), call 0330 159 7152 to cancel your Direct Debit and arrange to pay another way.
Does it matter if the second collection falls in the next month?
Yes, this may affect your credit file (and your eligibility for a payment holiday) call 0330 159 7152 to cancel your Direct Debit and arrange to pay another way. We can reinstate your Direct Debit at a later date. Please see FAQ ‘My Direct Debit was cancelled, can I reset it?’
We recommend you cancel your Direct Debit as soon as you’ve paid money into your account to redeem your mortgage.
If a Direct Debit payment is received after a mortgage has redeemed, a refund will be made directly back to the bank account it came from within 10 working days.
Yes, we’ll automatically update your payment amount each time your payment changes. We’ll write to you at least 10 working days beforehand to advise of any changes to your Direct Debit. You do not have to contact us.
We’re unable to set up a Direct Debit in a name that doesn’t appear on the mortgage. At least one mortgage holder name needs to appear on the bank account, this includes joint accounts.
No. Direct Debits can only be set up from a UK Bank or Building Society account.
All Direct Debits are covered by a guarantee. You can contact your bank or building society, complete a Direct Debit indemnity claim form and claim an immediate refund. Or, we can request a refund for you. Call us on 0330 159 7152. You should allow 10 working days for a refund.
Yes, please follow the same process for ‘How do I set up a Direct Debit?’
To set up a Direct debit you can either:
- Call our Customer Contact Centre on 0330 159 7152 and we can do it over the phone. All you need is your sort code, account number and the authority to set up payments from the account.
- Download and complete a Direct Debit mandate and post it to us at: Landmark Mortgages, PO Box 115, Skipton BD23 9FE.
Please allow at least 10 working days for your Direct Debit to be set up. If your monthly due date has passed or there are less than 10 working days left in the month your Direct Debit will be set up for the following month and you will need to arrange to pay another way for the current month.
Yes, please follow the same process for ‘How do I set up a Direct Debit?’
Yes. Call our Customer Contact Centre on 0330 159 7152 and we will guide you through the process.
Yes, as long as the amount is your monthly payment or more.
No. We can only set up the Direct Debit with the mortgage account holder.
Yes. You can cancel your Direct Debit at any time by calling us on 0330 159 7152, please allow up to five working days for your Direct Debit to cancel. You can also cancel your Direct Debit with your bank, allow one working day for this.
If your bank rejects your Direct Debit three times in a row, we will cancel your Direct Debit. This is to help you avoid incurring any unnceccessary fees. We’ll write to you to let you know.
Yes, if your Direct Debit has been cancelled within the last two months, please allow 10 working days for your Direct Debit to be reinstated.
If it has been longer than two months since you had a Direct Debit in place, please follow the steps in ‘How do I set up a Direct Debit?‘
Financial Difficulties
There are many organisations available who can offer free, impartial advice on how to deal with your debts. See the Independent resources section under our Support page for more details.
We understand that this is a very worrying time and the first thing you should do is get in touch with us on 0330 159 7152 so we can get an understanding of your circumstances.
Legal proceedings to take possession of your property will only be considered as a last resort and once all other alternatives have been exhausted.
If we’re unable to get in touch with you and the level of arrears means that litigation is the only option, we will write to you at each stage of the process to explain what’s happening and invite you to discuss your options with us.
If there has been a change to your circumstances and you’re unable to afford your monthly payment, we’re here to help. You can reach our team of experienced agents by calling 0330 159 7152. Our phone lines are open Monday to Friday 8:00am – 8:00pm.
If you have debts with other companies or want independent advice, we might recommend you speak to a debt adviser. You can find details of the debt advice organisations we work closely with on our support page.
This helps us understand your financial situation and what options may be suitable for you.
Following changes brought in by the Consumer Credit Act 2006, we must tell you that your account is in arrears. We will send a subsequent notice if your account remains like this for six months. The notice does not affect temporary reduced payment arrangements.
We’ll write to you a month before the payment arrangement ends. If you’re still in financial difficulties we’ll need to review your situation and agree a new arrangement.
If your mortgage is two or more payments in arrears, we’ll add a £40.00 fee to your mortgage balance each month. This is to help cover the extra costs of managing your account whilst it’s in arrears.
We won’t charge the fee if you pay your full mortgage payment each month or agree a payment arrangement with us and keep to the agreed arrangement.
If you’re struggling with your mortgage payments, please talk to us. You can call us on on 0330 159 7152. Our phone lines are open Monday to Friday 8:00am – 8:00pm.
Flexible Features
If you’ve made overpayments, the time may come when you want to borrow your money back. We keep the money you’ve previously overpaid separate, so you can apply to borrow it back if you need to.
Things you should consider before borrowing back your overpayments
- Your mortgage balance will increase and you’ll pay more interest overall.
- Your normal monthly payment will increase because your mortgage balance will be higher. We’ll write to you to let you know what your new payment will be
- If your mortgage is on interest only, the amount you will need to pay back by the end of your mortgage term will increase. You should check that your plans are on track to pay back this amount. If you don’t have a plan or you’re worried that it might not be enough, we can help. Call our dedicated team now on 0330 159 7153. Phone lines are open Monday to Friday 08:30am-6:00pm.
- You can’t borrow back overpayments made on your unsecured loan (if you have one).
Check if you’re eligible
You may be able to borrow back your overpayments if:
- You can afford the increase to your mortgage payments.
- You’re not an undischarged bankrupt or currently in an Individual Voluntary Arrangement (IVA).
- You don’t receive support from the Department for Work and Pensions (DWP).
- You’re not in breach of your mortgage terms & conditions (for example, you can’t be letting the property without our permission).
- All parties to the mortgage agree to this (where there is more than one person named on the mortgage).
- Call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday.
When you speak to us, we will:
- Carry out an affordability assessment to make sure that the increased payments are affordable. It will be helpful to have information like payslips, bank statements and how much you spend on your household bills ready when you call. If you’re unable to provide us with this information, it may delay the application process.
- Use information from credit reference agencies. If you have any missed or late payments on other credit commitments, defaults or County Court Judgments (CCJs), this may affect our decision.
- Let you know whether you can borrow back your overpayments. If you’re not eligible to borrow back your overpayments and you have any worries about your circumstances, we’re here to help. You can reach our customer assistance team and speak to one of our experienced agents by calling 0330 159 7152. Their phone lines are open Monday to Friday 8:30am – 6:00pm.
If you’ve made overpayments, you have the option to reduce your monthly payment by underpaying. We’d agree this with you as an arrangement and whilst this is in place, we’d collect a reduced amount from you.
Things you should consider before asking to underpay
- Paying less than your normal monthly payment means you will pay more interest over your mortgage term. If you’re still able to make your mortgage payments, then you should continue to do so.
- Your normal monthly payment may change whilst the arrangement is in place, for example if there’s a change in your interest rate. If this happens, we’ll write to you to let you know.
- You can cancel the underpayment arrangement at any time. For example, if your circumstances change and you can afford to make your full payments. This means you’ll pay less interest over the long term.
Mr & Mrs A have a repayment mortgage…
- There’s 10 years remaining on the term.
- They currently owe £80,000
- They’ve previously overpaid by £1,545
- Their monthly payment is £1,030.
After reducing their monthly payment by 50% for three-months…
- The amount they owe would have increased by over £2,480 because they haven’t paid some of the interest due.
- When we next recalculate their mortgage payment their monthly payment will increase . We recalculate it every year to make sure they’ll repay their balance by the end of the term.
- They’ll pay over £935 more interest over the term of their mortgage, unless they make further overpayments in the future.
If their mortgage was on interest only, the amount they would need to pay back at the end of the term would have increased by over £858. They’ll also pay more interest over the term of their mortgage.
You should think carefully before missing your mortgage payments and always get in touch with us first. If you’re worried about your finances, there’re lots of places to go for help. You can find details of the debt advice organisations we work closely with under the Independent Resources tab of our website.
- Call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday.
If you need a short break from making your payments, you may be able to take a payment holiday. A payment holiday allows you to stop making your monthly payments for up to three months.
Things you should consider before taking a payment holiday
- We’ll continue to charge interest whilst your payment holiday is in place. This means the amount you owe will increase and you’ll pay more interest overall.
- When your payment holiday ends, we’ll recalculate your monthly payment. It may increase as a result. We’ll write to you to let you know what your new payment will be.
- If your mortgage is on interest only, the amount you will need to pay back by the end of your mortgage term will increase. You should check that your plans are on track to pay back this amount. If you don’t have a plan or you’re worried that it might not be enough, we can help. Call our dedicated team now on 0330 159 7153. Phone lines are open Monday to Friday 08:30am-6:00pm.
- If your financial situation changes, you can still make payments whilst your payment holiday is in place. This means you’ll pay less interest over the term of the mortgage.
Mr & Mrs A have a repayment mortgage…
- There’s 10 years remaining on the term.
- They currently owe £80,000.
- Their monthly payment is £1,030.
After a three-month payment holiday…
- The amount they owe will have increased by over £1,866 because they haven’t paid the interest due.
- Their monthly payment will go up by over £40 a month. This is because we would recalculate their mortgage payment to make sure they’ll repay their balance by the end of the term.
- They’ll pay more interest over the term of their mortgage unless they make overpayments in the future.
If their mortgage was on interest only, their monthly payment would have gone up by over £14 a month. But the amount they would need to pay back at the end of the term would have increased by over £1,895. They’ll also pay more interest over the term of their mortgage.
Check if you’re eligible
You may be able to apply for a payment holiday if:
- You’ve made your full mortgage payment on time for the last nine months or you’ve previously overpaid by more than the amount of the payments you want to miss.
- You’re up to date with your mortgage payments.
- You can afford the increase to your mortgage payment after the payment holiday ends.
- You’re not (and haven’t previously been) bankrupt or in an Individual Voluntary Arrangement (IVA).
- You’re not in a Debt Management Plan (DMP).
- You don’t receive support from the Department for Work and Pensions (DWP).
- You’re not in breach of your mortgage terms & conditions (for example, you can’t be letting the property without our permission).
- All parties to the mortgage agree to the payment holiday (where there is more than one person named on the mortgage).
- Call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday.
When you speak to us, we will:
- Ask you when you want your payment holiday to start. This must be the first day of a month, so we recommend contacting us at least 10 days before this, to allow us enough time to process your application.
- Carry out an affordability assessment to make sure that the increased payments are affordable. It will be helpful to have information like payslips, bank statements and how much you spend on your household bills ready when you call. If you’re unable to provide us with this information, it may delay the application process.
- Use information from credit reference agencies. If you have any missed or late payments on other credit commitments, defaults or County Court Judgments (CCJs), this may affect our decision.
- If we can’t offer you a payment holiday and you’re going to struggle to make your mortgage payment, we’re here to help. You can reach our customer assistance team and speak to one of our experienced agents by calling 0330 159 7152. Their phone lines are open Monday to Friday 8:30am – 6:00pm.
Interactive messaging service
We’ve launched new interactive messaging services. These messages come from different telephone numbers to the ones we usually use to contact you.
- Interactive text messages will come from 07862 138270
- Interactive voice messages will come from 01756 556998
So that you’ll recognise them in future, you may want to add these numbers to your address book.
The only personal information we’ll ever ask you for in an interactive message is your date of birth. We’ll never ask you for any other personal details.
We’ll also never ask you for debit card details in an interactive message.
If you’re worried that any message that you receive isn’t from us, please call us and we’ll confirm that it’s genuine.
Interest Only
The monthly payments you make only cover the interest. This means you need to pay off the amount you borrowed by the end of the mortgage term.
If you don’t, you might not be able to pay off the amount you borrowed by the end of the mortgage term.
If you have a repayment plan, you need to check it regularly to make sure it’s on track. We recommend that you do this at least once a year.
If you don’t have a plan or you’re worried that it might not be enough, we can help. Call our dedicated team now on 0330 159 7153. Phone lines are open Monday to Friday 08:30am-6:00pm.
We’ll try to get in touch with you to understand your circumstances. We’ll assess your financial position and look at ways to help you pay back the remaining balance. If this isn’t possible, you may need to sell your property.
If we can’t get in touch with you, we may have no choice but to tell our solicitors to take legal action. This could result in you losing your property. Taking legal action is always a last resort and something we’ll only do when all other options have been exhausted.
Interest Rates
If a fixed interest rate applies to your mortgage, it will not change until you get to the end of the agreed fixed rate term. You will then usually revert to one of the variable rates detailed below. We will write to you to inform you of your new interest rate and payment at least 14 days before your interest rate and payment changes.
A tracker rate will track at a set percentage above or below another rate (often the Bank of England base rate) for a specified term. Your Terms and Conditions will state details of which rate your mortgage is tracking against.
A discounted rate offers a set discount off either a Product Variable Rate (PVR) or a Standard Variable Rate (SVR) for a specific, initial term. Once the discounted rate period ends, you will then usually revert to one of the variable rates detailed below. The minimum interest rate that can be charged is 0.001%.
Our SVR is an interest rate set by us in accordance with the Terms & Conditions of your loan. It’s not linked to the Bank of England base rate. You can check if your loan is linked to our SVR by calling us or checking your Offer of Loan or credit agreement.
Whenever we change our SVR we will write to you to confirm both the date when the new interest rate will apply and the specific impact on your monthly payment.
The Landmark Mortgages Loyalty Rate is a discount of 0.25% from our Standard Variable Rate and applies if you meet all of the following criteria:
- you are an existing residential Landmark Mortgages mortgage customer and have held your mortgage with us on the same property for 7 years
- you do not currently benefit from a special rate (such as a fixed or tracker rate)
- you are not currently within an Early Repayment Charge (ERC) period
- you do not have a together mortgage
Life Events
Please contact your insurance provider directly.
You can do this by calling us on 0330 159 7152. Phone lines are open between 8:30am and 6:00pm Monday to Friday.
Or by writing to us at: Landmark Mortgages, PO Box 115, Skipton, BD23 9FE.
Find out more about the process in our Bereavement section.
Making changes
- A copy of your new signature
- A copy of your old signature
We’ll also need one of the following documents:
- Marriage certificate
- Decree absolute
- Birth certificate
- Change of name deed/Deed Poll (known as Statutory Declaration in Scotland)
- Civil partnership certificate
In certain situations we may need some more information from you. If this is the case, we’ll let you know.
We don’t need to see original documents. We’ll accept copies which have been certified by a professional body, such as a:
- Solicitor or notary
- Chartered Accountant
- Bank or Building Society official
- Post Office counter staff
- Councillor
- Minister of religion
- Dentist or doctor
- Teacher or lecturer
We’re unable to accept documents certified by someone who is related to you (either by birth or marriage), living at the same address as you, or in a relationship with you.
The certified documents must:
- Include a handwritten statement by the certifying person, stating ‘certified to be a true copy of the original seen by me’
- Be signed and dated
- Have the certifying person’s full name printed under the signature along with occupation, address and phone number
There may be a charge for doing this, so you should check with the certifying person beforehand.
Once we receive your documents we’ll write to you to let you know we’ve updated our records. Until then, we’ll continue to write to you using your old name.
Please send your documents to: Landmark Mortgages, PO Box 115, Skipton, BD23 9FE.
- The full address of where you’re now living.
- To know the reason for the change of address if it affects how we manage your account. For example, if you’re now letting your property out or you’ve separated from a joint account holder.
You’ll only be able to change your own address. If another account holder has also changed address, we’ll need their consent to update their details.
Let us know you’ve changed address by:
- Logging in to your account and sending us a message using our secure self-serve facility. Just select ‘Update my personal details’ from the dropdown list.
- Calling us on 0330 159 7152.
Phone lines are open between 8.30am and 6.00pm Monday to Friday. - Writing to us at: Landmark Mortgages, PO Box 115, Skipton, BD23 9FE.
If you want to change your address because you’re letting your property, it’s important you’ve made us aware of this and we’ve agreed this with you. To find out more, you can look at our ‘Letting your property’ FAQ below.
Once we receive your request we will:
- Write to you to let you know we’ve updated our records.
- Let you know if there’s anything else we need.
- Logging in to your account and sending us a message using our secure self-serve facility. Just select ‘Update my personal details’ from the dropdown list.
- Calling us on 0330 159 7152.
Phone lines are open between 8.30am and 6.00pm Monday to Friday. - Writing to us at: Landmark Mortgages, PO Box 115, Skipton, BD23 9FE.
You can remove a borrower from your mortgage without increasing the amount you’ve borrowed. This is called a change of borrower or transfer of equity. Before we can do this, we’ll need to make sure that you can still afford the payments after we make the change. To do this we will carry out a credit check and an affordability assessment on all people who will be remaining on the mortgage.
Please call us on 0300 159 7152 to make an appointment with a mortgage adviser who will guide you through the process. Phone lines are open Monday to Friday 8:30am – 6:00pm.
Important Information
- There needs to be an original borrower remaining on the mortgage. If you wish to remove all original borrowers or add someone new, you’ll need to apply for a new mortgage with another lender.
- It will be helpful to have information like payslips, bank statements and how much you spend on your day-to-day expenses ready for your appointment. Work out how much you can afford using our helpful Income & Expenditure Form.
- As part of your application, you’ll need to appoint a solicitor and pay any associated costs.
- There’s a non-refundable application administration fee of £180.00 to carry out a change of borrowers application.
This allows someone else to talk to us about your account without you being there.
You may find this helpful if you need some help managing your finances or find it difficult to speak to us about your situation. If you’re unwell, or your circumstances mean you can’t call us, you may find it reassuring to know someone else can do this for you.
- Print off the third-party authority form.
- Call us on 0330 159 7152 and we’ll post a form out to you.
Here’s a step-by-step guide below to help you complete the third-party authority form and let you know what your third party can do.
Step 1Choose what your third-party can do
You can allow your third-party to give and receive information about your account, make payments or both. Tick the relevant box to confirm what you want them to be able to do. If you want them to be able to make payments, we can’t accept these until we’ve completed our checks and authority is recorded on your account.
Step 2Complete and return the form
Fully complete the form, make sure it’s signed by both you and your third-party and send it back to us at: Landmark Mortgages, PO Box 115, Skipton BD23 9FE.
Step 3We’ll carry out electronic checks
We’ll use information from credit reference agencies to confirm the identity of your third-party. These are ‘soft searches’ which means they won’t leave a footprint on their credit file.
Step 4We’ll write to you
To let you know that the third-party(ies) has/have been added to your account. The authority lasts for 12 months from the date it’s added, unless you tell us that you want it to stop before that. You should let your third-party know it’s in place as we won’t tell them.
You’ll need to renew the third-party authority every 12 months if you want it to remain in place. This also means we can be sure our records are up to date. We won’t contact you to tell you when it ends so it’s important you remember to complete a new form if you want the third-party authority to stay in place.
- All you need to do is print off the third-party authority form, or call us on 0330 159 7152 and we’ll post a form out to you. If we don’t hear from you, we’ll remove the authority.
Things you should know…
- Adding a third-party to your account doesn’t change your agreement with us. This means it won’t make them responsible for your debt or give them an interest in your property.
- If your chosen third party would like more information about how their personal information is used, they can look at our Privacy Notice
- You may want or need someone to be able to have more control over your account than a third-party authority allows. This may be due to your health, or not being in a position to make decisions for yourself. If this is the case, you’d need to apply for a Power of Attorney. You can do this yourself or get a solicitor to handle the application for you. For more information, or to check whether this may be the best option for you, you can visit: www.gov.uk/power-of-attorney.
You may be able to transfer your mortgage to another property without increasing the amount you’ve borrowed. This is called porting your mortgage. As this will be classed as a new mortgage, we’ll need to make sure that you can still afford the payments after we make the change. To do this we will carry out a credit check and an affordability assessment on all applicants. We’ll also need to check that the new property is suitable security for the mortgage.
Please call us on 0300 159 7152 to make an appointment with a mortgage adviser who will guide you through the process. Phone lines are open Monday to Friday 8:30am – 6:00pm.
Important Information
- All applicants will need to provide us with proof of income.
- It will be helpful to have information like payslips, bank statements and how much you spend on day-to-day living expenses ready for your appointment. Work out how much you can afford using our helpful budget planner.
- As part of your application, you will need to appoint a solicitor and pay any associated costs.
- There is a non-refundable application administration fee of £200.00 to port your mortgage to another property. You’ll also need to cover the cost of a valuation of your new property.
If you want to let out your property instead of living there, you can, but you’ll need to get permission from us first. This is known as ‘consent to let’.
- Call us on 0330 159 7152 and ask for the forms to be sent out to you in the post.
Phone lines are open Monday to Friday 8:30am – 6:00pm.
You should return the completed and signed forms to: Landmark Mortgages, PO Box 115, Skipton BD23 9FE.
Important Information
- We will agree for you to let the property for a maximum of 12 months. If you wish to do this for longer, you will need to reapply every 12 months.
- We charge an annual fee of £31.00 to cover the administration costs of us assessing and agreeing your application. You can either pay this fee up front or add it to your mortgage balance. If you add it to your mortgage balance, you will incur additional interest.
- You will be responsible for meeting any costs and legal requirements associated with letting the property, for example gas safety checks, letting agents etc.
Online Security
You can make payments using our secure self-serve facility all day, every day.
It’s easy to create a secure login to use the self-serve facility and once you have it, you can access your account at any time.
Click here to create a new login.
Already registered?
Click here to securely login.
Things you should know
- This service is only available to account holders.
- You can pay up to £5,000 a month using the self-serve facility. If you want to pay more than this, you’ll need to call and speak to one of our agents.
- Payments made after 8:45pm will be applied to your account the following day.
- If you have more than one part to your account (for example, a mortgage and a linked unsecured loan), we’ll split your payment across each of the loans you have with us, in line with your Offer of Loan. If you want your payment to be applied in a different way, you should tell us before you make the payment. You can call our Customer Contact Centre on 0330 159 7152. Phone lines are open Monday to Friday 8:30am – 6:00pm.
Overpayments
We’ve made it as easy as possible for you to make overpayments:
- If you pay by Direct Debit, you can set up a regular monthly overpayment by calling us on 0330 159 7152. Phone lines are open between 8:30am and 6:00pm Monday to Friday.
- Log into our secure self-serve facility and make an overpayment of up to £5,000 by selecting ‘make a lump sum overpayment’.
- Pay by bank transfer using these details:
- Sort code: 62-31-87
- Account number: 80140262
- Reference: Your mortgage account number
- Make an overpayment of up to £15,000 by debit card by calling our Customer Contact Centre on 0330 159 7152. Phone lines are open Monday to Friday 8:30am – 6:00pm.
- Send a cheque made payable to Landmark Mortgages Limited to Landmark Mortgages, PO Box 115, Skipton BD23 9FE. Please put your mortgage account number and ‘lump sum overpayment’ on the back of the cheque.
Here are some examples to show you how much of a difference overpaying can make.
MONTHLY OVERPAYMENTS
An amount that you choose to pay on top of your usual payment
Example
The following examples use an outstanding balance of £80,000 over 10 years on an interest rate of 9.39%*.
Overpayment amount | Repayment type | Time saved | Balance reduction | Interest saved |
---|---|---|---|---|
£50 | Repayment | N/A | N/A | £1,740 |
£50 | Interest only | N/A | £6,266 | £2,913 |
£100 | Repayment | 1 mth | N/A | £3,477 |
£100 | Interest only | N/A | £12,531 | £5,827 |
£200 | Repayment | 4mths | N/A | £6,926 |
£200 | Interest only | N/A | £25,063 | £11,654 |
*These calculations are for illustrative purposes only and assume that the interest rate will remain the same for your remaining term. Figures rounded to nearest pound (£).
- If you pay by Direct Debit and would like to set up a regular monthly overpayment, please call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday. - If you pay in any other way simply increase the amount you pay.
ONE-OFF OVERPAYMENT
Example (Repayment mortgages)
If you have a repayment mortgage and you make a one-off payment, you can choose to reduce your monthly payments or keep your payments the same but reduce the term (which means you’ll pay off your mortgage sooner).
The following examples use an outstanding balance of £80,000 on a repayment basis over 10 years on an interest rate of 9.39%*.
If reducing the term…
Overpayment amount | Time saved | Interest saved |
---|---|---|
£500 | 1 mth | £762 |
£1,000 | 2 mths | £1,512 |
£2,500 | 6 mths | £3,694 |
£5,000 | 11 mths | £7,110 |
Or if reducing the monthly payment…
Overpayment amount | Payment reduction | Interest saved |
---|---|---|
£500 | £6 | £271 |
£1,000 | £12 | £541 |
£2,500 | £32 | £1,351 |
£5,000 | £64 | £2,700 |
*These calculations are for illustrative purposes only and assume that the interest rate will remain the same for your remaining term. Figures rounded to nearest pound (£).
Example (Interest only mortgages)
If you have an interest only mortgage, making a one-off payment will reduce the amount of interest you pay and the amount you need to pay back at the end of the term.
The following examples use an outstanding balance of £80,000 on a interest only basis over 10 years on an interest rate of 9.39%*.
Overpayment amount | Payment reduction | Interest saved |
---|---|---|
£500 | £4 | £466 |
£1,000 | £8 | £931 |
£2,500 | £19 | £2,327 |
£5,000 | £39 | £4,654 |
*These calculations are for illustrative purposes only and assume that the interest rate will remain the same for your remaining term. Figures rounded to nearest pound (£).
Payment Methods
A Direct Debit is an easy and convenient way to make your payments. It means you don’t have to worry about forgetting to make your payment and if your payment amount changes, we’ll automatically update the Direct Debit so it collects the right amount. We’ll always write to you in advance to tell you that we’re going to do this.
To set up a Direct Debit:
Download and complete a Direct Debit mandate and post it to us at:
Landmark Mortgages, PO Box 115, Skipton BD23 9FE.
You should allow 10 working days for us to set up a new Direct Debit. If your next payment is due before then, you should make it in a different way. We’ll send you a letter to tell you when we’ve set your Direct Debit up.
If you’d prefer, you can call our Customer Contact Centre on 0330 159 7152 and we can do it over the phone. Phone lines are open between 8.30am and 6.00pm Monday to Friday. All you need is your sort code, account number and the authority to set up payments from the account.
Things you should know
- Your payments are protected by the Direct Debit guarantee.
- If you have more than one part to your account (for example, a mortgage and a linked unsecured loan), we’ll split your payment across each of the loans you have with us, in line with your Offer of Loan. If you want your payment to be applied in a different way, you should tell us before you make the payment. You can call our Customer Contact Centre on 0330 159 7152. Phone lines are open Monday to Friday 8:30am – 6:00pm.
- If your Direct Debit is rejected by your bank, we’ll add a fee of £6.50 to your account. This is to cover the cost of dealing with this. We won’t charge this fee more than once in a month. We’ll try to take the payment again after seven working days. If you can’t make the payment or want to pay a different way, you should contact us straight away.
You can cancel a Direct Debit at any time by contacting us or your bank.
A bank transfer is a single payment set up through your bank. You can set one up online, in branch or over the phone. You choose when and how much you pay.
Please use the following details to make a payment by bank transfer:
Sort Code: 62-31-87
Account number: 80140262
Reference number: your mortgage account number
Things you should know
- Payments received after 4:00pm, at the weekend or on a Bank Holiday will be applied to your account the following working day.
- If you have more than one part to your account (for example, a mortgage and a linked unsecured loan), we’ll split your payment across each of the loans you have with us, in line with your Offer of Loan. If you want your payment to be applied in a different way, you should tell us before you make the payment. You can call our Customer Contact Centre on 0330 159 7152. Phone lines are open Monday to Friday 8:30am – 6:00pm.
We have three ways you can pay using your debit card.
1. Use our automated payment line
Call us on 0330 159 7152. Our automated payment line is available 7:00am – 9:00pm Monday to Friday and 7:00am – 5:00pm Saturday and Sunday
Things you should know
- This service is only available to account holders.
- You can pay up to £5,000 a month using the automated payment line. If you want to pay more than this, you’ll need to call and speak to one of our agents.
- You’ll need your account number, date of birth and the numbers from your postcode to use this service.
- Payments made after 8:45pm will be applied to your account the following working day.
- If you have more than one part to your account (for example, a mortgage and a linked unsecured loan), we’ll split your payment across each of the loans you have with us, in line with your Offer of Loan. If you want your payment to be applied in a different way, you should tell us before you make the payment. You can call our Customer Contact Centre on 0330 159 7152. Phone lines are open Monday to Friday 8:30am – 6:00pm.
2. Use our secure self-serve facility
You can make payments using our secure self-serve facility all day, every day.
It’s easy to create a secure login to use the self-serve facility and once you have it, you can access your account at any time.
Click here to create a new login.
Already registered?
Click here to securely login.
Things you should know
- This service is only available to account holders.
- You can pay up to £5,000 a month using the self-serve facility. If you want to pay more than this, you’ll need to call and speak to one of our agents.
- Payments made after 8:45pm will be applied to your account the following working day.
- If you have more than one part to your account (for example, a mortgage and a linked unsecured loan), we’ll split your payment across each of the loans you have with us, in line with your Offer of Loan. If you want your payment to be applied in a different way, you should tell us before you make the payment. You can call our Customer Contact Centre on 0330 159 7152. Phone lines are open Monday to Friday 8:30am – 6:00pm.
2. Speak to one of our agents
Call us on 0330 159 7152.
Phone lines are open Monday to Friday 8:30am – 6:00pm.
Standing orders are automatic, regular payments set up through your bank. You can set one up online, in branch or over the phone. You choose when, how much and how often you pay and can change or cancel it at any time.
Please use the following details to set up a standing order:
Sort Code: 62-31-87
Account number: 80140262
Reference number: your mortgage account number
Things you should know
- Payments can take up to five days to reach us and are only received on weekdays (excluding bank holidays).
- You’re in control of your standing order. If your monthly payment amount changes, you’ll need to change the amount of your standing order through your bank. If you don’t do this, you could end up paying too much or too little.
- If you no longer want to pay by standing order, you’ll need to cancel it with your bank. If you don’t do this, your bank will continue to send us the agreed amount (as long as there’s enough money in your bank account).
- If you have more than one part to your account (for example, a mortgage and a linked unsecured loan), we’ll split your payment across each of the loans you have with us, in line with your Offer of Loan. If you want your payment to be applied in a different way, you should tell us before you make the payment. You can call our Customer Contact Centre on 0330 159 7152. Phone lines are open Monday to Friday 8:30am – 6:00pm.
Please make your cheque payable to Landmark Mortgages Limited and post it to us at: Landmark Mortgages, PO Box 115, Skipton BD23 9FE.
Things you should know
- It usually takes five working days for cheque payments to reach your account, so make sure you leave enough time before your payment is due.
- Please write your account number on the back of the cheque in case the cheque gets separated from your covering letter.
- If your cheque is returned unpaid, we’ll add a fee of £6.50 to your account. This is to cover the cost of dealing with this.
You can make payments using our secure self-serve facility all day, every day.
It’s easy to create a secure login to use the self-serve facility and once you have it, you can access your account at any time.
Click here to create a new login.
Already registered?
Click here to securely login.
Things you should know
- This service is only available to account holders.
- You can pay up to £5,000 a month using the self-serve facility. If you want to pay more than this, you’ll need to call and speak to one of our agents.
- Payments made after 8:45pm will be applied to your account the following day.
- If you have more than one part to your account (for example, a mortgage and a linked unsecured loan), we’ll split your payment across each of the loans you have with us, in line with your Offer of Loan. If you want your payment to be applied in a different way, you should tell us before you make the payment. You can call our Customer Contact Centre on 0330 159 7152. Phone lines are open Monday to Friday 8:30am – 6:00pm.
Personal Loans
You will need to ask us for a redemption statement. This will tell you exactly how much you need to pay including any interest and fees, such as the discharge of mortgage fee.
You can ask us for a redemption statement by:
- Asking your solicitor to request one.
- Calling us on 0330 159 7152. Phone lines are open between 8:30am and 6:00pm Monday to Friday.
- Writing to us at: Landmark Mortgages, PO Box 115, Skipton BD23 9FE.
- Logging into your account using our secure self-service facility and clicking ‘Redemption’.
Self Service
You can make payments using our secure self-serve facility all day, every day.
It’s easy to create a secure login to use the self-serve facility and once you have it, you can access your account at any time.
Click here to create a new login.
Already registered?
Click here to securely login.
Things you should know
- This service is only available to account holders.
- You can pay up to £5,000 a month using the self-serve facility. If you want to pay more than this, you’ll need to call and speak to one of our agents.
- Payments made after 8:45pm will be applied to your account the following day.
- If you have more than one part to your account (for example, a mortgage and a linked unsecured loan), we’ll split your payment across each of the loans you have with us, in line with your Offer of Loan. If you want your payment to be applied in a different way, you should tell us before you make the payment. You can call our Customer Contact Centre on 0330 159 7152. Phone lines are open Monday to Friday 8:30am – 6:00pm.
Switching Lenders
No. Landmark Mortgages doesn’t charge any Early Repayment Charges.
You could incur a Discharge of Mortgage fee of up to £250 for repaying your mortgage early, this covers the administration work we do to redeem the loan. Call us on 0330 159 7152 (phone lines are open Monday to Friday 8:30am – 6:00pm) to find out the amount you may need to pay.
Yes. To see if you can switch to a cheaper mortgage visit www.moneyhelper.org.uk and complete the simple, impartial and free questionnaire.
To help you complete the questionnaire as accurately as possible, it would be useful to have your latest mortgage statement to hand. The questionnaire takes 5 minutes to complete and when you get to the end you’ll be given an indication of whether you may be able to get a cheaper mortgage elsewhere. There’ll also be information on where you can get further advice on the options available to you.
You can also contact The Money and Pension Service on 0800 138 7777 (England) or 0800 138 0555 (Wales) for further information on what the rule changes might mean for you. If you do choose to switch, the new mortgage must be secured on the same property as your current mortgage and can’t be a buy-to-let mortgage.
No. Depending on the value of your property, a new lender may be prepared to lend you enough money to repay the unsecured part of your Together mortgage. Alternatively, you can “de-link” the unsecured part and keep it with us. This will result in an increase in the interest rate you pay. You may wish to take independent financial advice to determine which of these options is most suitable for you.
If you‘re not eligible to switch lenders, for example because you are or were recently in arrears, there is still plenty of support available. Please call us on 0330 159 7152 to talk about the range of solutions available to help you. Phone lines are open Monday to Friday 8:30am – 6:00pm. There’s lots of helpful information on how to get mortgage ready in the Switch to another lender section on our Support page.
Ways we can help
We can change your payment due date to be earlier or later (for example, to match the date you get paid), as long as the new date is within the same month.
Important information about changing your payment due date:
- If your new payment due date is later in the month, this will mean that you’re charged more interest. This is because the amount you owe will be higher for longer.
- If you choose a payment date at the end of the month, you must make sure that we receive your payment in time to apply it to your account. This is important if you pay by bank transfer or using our online system.
You could convert all or part of your mortgage to repayment, so you pay off both the interest and the capital you’ve borrowed. This will increase your monthly payments, so you’d need to speak to one of our qualified mortgage advisors to make sure that it’s affordable. You can make an appointment by calling 0330 159 7152. Our phone lines are open Monday to Friday 8:00am – 8:00pm.
Important things to consider:
- The shorter the term remaining on your mortgage, the higher your monthly payment. You need to make sure you’ll be able to keep up the higher monthly payments
- As long as you make all your monthly payments, having a repayment mortgage means that your mortgage will be paid off in full at the end of the term.
Overpaying your mortgage means you can save money on the interest you pay. It can also help reduce the amount you need to pay back at the end of the term. We don’t charge any early repayment charges, so there’s no limit to the amount you can overpay by.
Important Information
- You should only overpay what you can afford. If you’re unsure whether overpaying is right for you, you may wish to seek independent financial advice to help you with your decision.
- Overpaying might not pay back the full amount you owe by the end of the term, so you may need to think about how you’ll pay back any remaining balance.
If you have an endowment policy, shares, Individual Savings Account (ISA) or other investment plan that you were saving for a rainy day, you might want to use this to reduce or pay off your mortgage.
Important things to consider:
- The value of savings and investments can go down as well as up so it’s important to check on the progress of your plan regularly to make sure that it’s on track.
- If you’re unsure whether using an investment policy to repay all or part of your mortgage is right for you, you may wish to seek independent financial advice to help you with your decision.
- If your savings or investment aren’t enough to pay back the full amount you owe by the end of the term, you may need to think about how you’ll pay back any remaining balance.
You might be able to get a cheaper mortgage with a new lender which could help make paying back your interest only mortgage more affordable. We recommend that you get independent whole-of-market mortgage advice to help you understand your options. There are many companies offering free advice but some organisations do charge for their services, so you should always check this first.
If you plan to sell your home to pay off your interest only mortgage you will need to think about where you’re going to live.
You may wish to:
- Use the equity from your home to buy a cheaper property with no mortgage
- Use the equity from your home to buy a cheaper property and have a smaller repayment mortgage
- Move into a rented property or with family
With each of these options (particularly the first two) you’ll need to make sure that you have enough equity in your property to make your plan work.
You will need to think about:
- How much is your property is worth and how much money will be left over after you’ve repaid your mortgage?
- How much would a cheaper property cost? Can you afford the difference?
- If you would need to maintain a smaller mortgage, how much could you afford to pay each month? And for how long?
- When will be the right time for you to move? Is it better to move sooner whilst you’re younger and in good health, rather than wait until later in the term?
If you’re planning to sell your property, our dedicated team can help you answer these questions. Call our them on 0330 159 7153. Phone lines are open Monday to Friday 08:30am-6:00pm.
If you’re unable to meet all or part of your mortgage payment, we might be able to accept a lower or even no payment for a period of time.
Important information about making lower payments:
- Paying less than your monthly payment is normally agreed to cover a temporary change in your circumstances, like being out of work or undergoing medical treatment. It isn’t a long-term solution.
- At the end of the agreed lower payments, we will need to agree a payment arrangement to pay back any arrears.
- Paying less than your monthly payment may result in your account going into arrears.
- Arrears are reported to credit reference agencies and this may affect your ability to borrow money in future.
- If your mortgage is in arrears, you’ll be charged more interest. This is because your mortgage balance will be higher than expected. The additional interest will increase the amount you owe and may reduce the equity you have in your property.
If you can afford your monthly payment or more, we may be able to agree a payment arrangement to help stabilise or reduce any outstanding arrears. The amount we agree will be based on your individual circumstances and how much you can afford to pay.
Important information about payment arrangements:
- Any overpayment arrangement will typically need to pay back any outstanding arrears by the end of the mortgage term.
- Arrears are reported to credit reference agencies and this may affect your ability to borrow money in future.
- If your mortgage is in arrears, you’ll be charged more interest. This is because your mortgage balance will be higher than expected. The additional interest will increase the amount you owe and may reduce the equity you have in your property.
If you have a repayment mortgage and need longer than the existing term to pay back the mortgage balance or outstanding arrears, we may be able to agree a term extension.
Important information about term extensions:
- Paying back your mortgage over a longer term will result in you paying more interest.
- You need to consider whether you can afford to pay the mortgage over a longer period, particularly if this goes past your retirement.
If you have a repayment mortgage and either need a reduced payment for a period of time or want to repay arrears at a faster pace, a temporary change in the type of mortgage you have – for example by temporarily converting a repayment mortgage to interest only – may be appropriate.
Important information about changing your repayment type:
- A temporary change of repayment type is normally agreed to cover a temporary change in your circumstances, like being out of work or undergoing medical treatment. It isn’t a long-term solution.
- When you switch back to your original payment method, your payments will increase. You need to be confident that you can meet these higher payments.
- We won’t report the temporary change to credit reference agencies.
- Arrears are reported to credit reference agencies and may be affected by a temporary conversion. For example, if before the temporary conversion your monthly payment is £250 and you have arrears outstanding of £250, we would report to credit reference agencies that your account is one month in arrears. If your monthly payment reduced to £50 as a result of the temporary conversion and the arrears remained at £250, we would report to credit reference agencies that your account is five months in arrears.
If you are no longer able to afford to live in the security property but have alternative accommodation that is affordable, we may agree for you to let the property for a temporary period.
Important information about letting your property:
- The expected rental income would need to be enough to cover the mortgage payments (and a contribution towards the arrears, where appropriate).
- You would be responsible for meeting any costs and legal requirements associated with letting the property, for example gas safety checks, letting agents etc.
If you would like to add your outstanding arrears to your mortgage balance, capitalising your arrears may be an option.
Important information about capitalisation:
- We’ll only consider this once your finances are back on track and you’ve shown that you can afford the increased monthly payments.
- Once arrears have been capitalised we will report the account as being up to date to credit reference agencies. If you miss any future payments, these arrears will be reported to credit reference agencies.
- If you have a repayment mortgage, the capitalised arrears will be paid back over the remaining term of your mortgage. This will result in you paying more interest.
- If you have an interest only mortgage, the capitalised arrears will be added to the amount you owe. This means that the amount you need to pay back at the end of the mortgage term will be higher and you will pay more interest.
If you can no longer afford to make your mortgage payments but want to stay in your property and are resident in Scotland or Wales, you may be eligible for one of their mortgage rescue schemes. These schemes allow you to keep living in your own home as a tenant, part-owner or part-tenant.
If you live in Scotland, you can access more information on the Home Owners’ Support fund at www.mygov.scot/home-owners-support-fund
If you live in Wales, you should contact your local council’s Housing Options team, homelessness team or housing strategy officers for information on whether there is a mortgage rescue scheme in your area which could help you.
If you are no longer able to afford to live in your home, we may be able to help you sell the property through our assisted voluntary sale scheme. You’ll be able to stay in your property while it’s on the market, you’ll stay in control of the sale process and we’ll even pay your sale costs.
Important information about assisted voluntary sale:
- Once accepted onto the scheme it lasts for six months. During this time, you’ll be expected to co-operate with us and the selling agent. If a sale isn’t achieved within this time, we reserve the right to extend or remove you from the scheme.
- We’ll pay estate agent and legal costs up to an agreed limit.
This is known as a sale at shortfall. If you wish to sell your property, regardless of whether there are any mortgage arrears, and the sale price won’t be enough to pay back your mortgage balance you will need to go through our sale at shortfall process.
Important information about selling at a shortfall:
- We’ll obtain an independent valuation to make sure that the sale price is the true market value of the property.
- You’ll remain responsible for paying back any shortfall amount (there are certain exceptions to this if you’ve been declared insolvent, you should check with your trustee or the Official Receiver).
- We’ll report the shortfall amount to credit reference agencies and this may affect your ability to borrow money in future.
If you no longer wish to remain in your home and have somewhere else to live, regardless of whether there are any mortgage arrears, you can choose to voluntarily surrender the property (often known as ‘handing the keys back’). You should think very carefully before going ahead with this option.
Important information about voluntary surrender:
- Ensure that you have somewhere else to live before handing back the keys.
- Voluntarily surrendering your property may affect your eligibility for housing support from your local authority.
- You should remove all your possessions and take final meter readings before handing back the keys.
- You should maintain appropriate buildings insurance until the property is sold.
- We’ll place the property on the market and attempt to obtain the best sale price.
- If the property sells for less than the outstanding mortgage balance, you’ll remain responsible for paying back any shortfall amount.
If you need a short break from making your payments, you may be able to take a payment holiday. A payment holiday allows you to stop making your monthly payments for up to three months.
Things you should consider before taking a payment holiday
- We’ll continue to charge interest whilst your payment holiday is in place. This means the amount you owe will increase and you’ll pay more interest overall.
- When your payment holiday ends, we’ll recalculate your monthly payment. It may increase as a result. We’ll write to you to let you know what your new payment will be.
- If your mortgage is on interest only, the amount you will need to pay back by the end of your mortgage term will increase. You should check that your plans are on track to pay back this amount. If you don’t have a plan or you’re worried that it might not be enough, we can help. Call our dedicated team now on 0330 159 7153. Phone lines are open Monday to Friday 08:30am-6:00pm.
- If your financial situation changes, you can still make payments whilst your payment holiday is in place. This means you’ll pay less interest over the term of the mortgage.
Mr & Mrs A have a repayment mortgage…
- There’s 10 years remaining on the term.
- They currently owe £80,000.
- Their monthly payment is £1,030.
After a three-month payment holiday…
- The amount they owe will have increased by over £1,866 because they haven’t paid the interest due.
- Their monthly payment will go up by over £40 a month. This is because we would recalculate their mortgage payment to make sure they’ll repay their balance by the end of the term.
- They’ll pay more interest over the term of their mortgage unless they make overpayments in the future.
If their mortgage was on interest only, their monthly payment would have gone up by over £14 a month. But the amount they would need to pay back at the end of the term would have increased by over £1,895. They’ll also pay more interest over the term of their mortgage.
Check if you’re eligible
You may be able to apply for a payment holiday if:
- You’ve made your full mortgage payment on time for the last nine months or you’ve previously overpaid by more than the amount of the payments you want to miss.
- You’re up to date with your mortgage payments.
- You can afford the increase to your mortgage payment after the payment holiday ends.
- You’re not (and haven’t previously been) bankrupt or in an Individual Voluntary Arrangement (IVA).
- You’re not in a Debt Management Plan (DMP).
- You don’t receive support from the Department for Work and Pensions (DWP).
- You’re not in breach of your mortgage terms & conditions (for example, you can’t be letting the property without our permission).
- All parties to the mortgage agree to the payment holiday (where there is more than one person named on the mortgage).
- Call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday.
When you speak to us, we will:
- Ask you when you want your payment holiday to start. This must be the first day of a month, so we recommend contacting us at least 10 days before this, to allow us enough time to process your application.
- Carry out an affordability assessment to make sure that the increased payments are affordable. It will be helpful to have information like payslips, bank statements and how much you spend on your household bills ready when you call. If you’re unable to provide us with this information, it may delay the application process.
- Use information from credit reference agencies. If you have any missed or late payments on other credit commitments, defaults or County Court Judgments (CCJs), this may affect our decision.
- If we can’t offer you a payment holiday and you’re going to struggle to make your mortgage payment, we’re here to help. You can reach our customer assistance team and speak to one of our experienced agents by calling 0330 159 7152. Their phone lines are open Monday to Friday 8:30am – 6:00pm.