Understanding your mortgage statement
These notes and example statement are to assist you in understanding your statement. The items in the example will only appear on your own statement if they apply to your account. If you have any questions about your statement or your account that are not answered by these notes please call the Skipton Mortgage Helpline on 08458 501711*.
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Opening Balance: This is the amount outstanding at the beginning of Scarborough's financial year which was carried forward from your previous statement. If you took your mortgage with Scarborough Building Society after 1 May 2008 an opening balance will not be shown.
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Transaction Debits: All transactions are itemised separately and should be self explanatory. Transactions will include any further advances, retention or stage payments released during the year, higher lending charge and outstanding valuation fees, if applicable. Any charges Scarborough Building Society were entitled to make in accordance with the terms of your mortgage are also included.
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Transaction Credits: This details the date Scarborough Building Society received your payment, the amount and payment method. If there have been any refunds posted to your account, these will also be included. If you pay by standing order your payments will usually take several days to reach the account. This means there will be a difference between the dates on your Mortgage Statement and the dates on your bank statement. If you do not currently pay by direct debit but would like to pay by direct debit for your convenience, please telephone 08458 501711 for the forms and information you will need.
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Property Insurance Premium: If your property insurance was arranged and premiums collected through Scarborough Building Society, this is the total premium charged to your account for the year. This was collected monthly and formed part of your monthly payment to Scarborough Building Society. Following the merger a credit has been made for the premium for April 2009.
Alternatively, you may have arranged your insurance with Scarborough Building Society but pay your insurance premiums direct to Aviva. Those payments will still continue to be collected this way.
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Balance Outstanding: This is the amount outstanding on your mortgage account at 31 March 2009 taking into account all items listed in 1 to 4 above. The figure is not the total amount you will need to repay your mortgage. The final total may be higher. Please refer to section 7 for further details.