Please ensure payments are maintained up to the date of redemption, as cancellation of any instruction will automatically remove any Direct Debit discount which may apply and increase the rate at which the interest will be calculated. On full redemption of the mortgage account(s), we will automatically cancel the Direct Debit instruction.
We may agree, in exceptional circumstances, to suspend collection of a Direct Debit payment temporarily, e.g. where redemption is unexpectedly delayed. However, this can only be arranged by the borrower and will require the prior consent of our Credit Management Department, who they can contact on 0345 850 1766. Such an arrangement will not result in a higher rate of interest, but additional interest charges will apply if payment remains outstanding over a month end, as the mortgage balance will have increased.
Should a delay with the redemption fall into a new month, this may result in accrual of arrears and an arrears charge being applied to the borrowers account. Their credit file may also be adversely impacted.