To provide a clearer picture of the information in your Year End Mortgage Statement we have provided sample forms with comprehensive explanations of each section.
We can provide online assistance with the Mortgage Statement Summary, Mortgage Statement Transactions, Mortgage Statement 2007 Insert and Your Mortgage Statement Notes.
Why is the "Payment Due" different from the "Payments" column on my statement?
In most cases the "Payment Due" and "Payments" column will be identical. However, there will be some instances where they will be different. The notes below cover the most common reasons for any differences.
The amount in the "Payments" column is greater than in the "Payments Due" column.
- You may have set up a regular overpayment and so you are paying more
than the minimum monthly payment each month. This will reduce the balance
outstanding and the interest charged over the term of the mortgage.
- You may have an arrangement in place to make up for some missed payments in previous months.
The amount in the "Payments Due" column is greater than the "Payments" column. This means you are paying less than the minimum monthly payment generally required under the mortgage.
- This may be because you have an arrangement in place to pay a reduced payment for a period.
- If you control your payments to the Society (you do not pay by direct debit, for instance) you may not have changed your payment immediately after a rate change or other change on your account.
- Part of your mortgage payment may be being made by the DSS. These payments are sent every 4 weeks and therefore do not arrive on the same date each month.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.