Mortgage Health Check

I am on a Fixed Rate mortgage

If you are on a fixed rate deal, your monthly mortgage payment will remain the same for the rest of the deal period. This means you don’t have to worry about your mortgage payment increasing at the moment.

If your fixed rate deal is coming to an end in the next 6 months, you can arrange an appointment with one of our mortgage advisers or visit our existing customer mortgage deals. 

I am on a Base Rate Tracker mortgage

If you are on a tracker product, your interest rate is linked directly to the Bank of England base rate and if the rate increases or decreases, then your monthly payment will change in line with this.

If you are worried about your payments increasing, you could consider other mortgage options such as moving to a fixed rate. This may be subject to Early Repayment Charges. To find out what alternative deals are available; you can contact our mortgage advice team or visit our existing customer mortgage deals. 

I am on a Standard Variable Rate (SVR) mortgage

This is a variable rate which can rise or fall over time. Following a change to our SVR, your mortgage payment will change too and these changes can be outside of a Bank of England Base Rate change. SVR provides the flexibility to make unlimited overpayments in order to repay your balance earlier. You can also switch to a new deal at any point without incurring Early Repayment Charges (subject to availability).

If you are worried about your payments increasing, you could consider other mortgage options such as moving to a fixed rate. To find out what alternative deals are available; you can contact our mortgage advice team or visit our existing customer mortgage deals. 

If you are looking to switch to a new deal, we have a range of exclusive rates for existing customers. Our products change on a regular basis and rates may increase or decrease. You can secure a new deal up to 6 months before your current deal matures and up until 2 weeks before the selected product takes effect. You can also change your mind if you find a more suitable deal within this 6 month period. Please view our latest existing customer mortgage deals. Alternatively, if you would prefer to talk to us, please call us on 0345 605 0022, appointments are available from 8am – 8pm Monday to Friday and 9am – 3pm Saturday.

Choosing a new deal before your current one ends can give you peace of mind and certainty about what your new monthly payment will be.

You may have to pay Early Repayment Charges (ERCs) if you want to leave your fixed rate deal early to secure a new deal now. If you want to do this, you should speak to one of our mortgage advisers who will be able to check if any ERCs apply to you and offer you some further advice.

We understand that there is a lot of uncertainty around future interest rates at the moment and that’s why we offer a range of product options.

If you would like to speak to one of our mortgage advisers for advice about which product would be best for your circumstances, please call us on 0345 606 4488 or book an appointment online.

You may want to review your term for a number of reasons:

Extending your term can reduce your monthly payments

If you extend your mortgage term, this can often reduce your monthly payments. However this will cost you more in interest over the long term. If you decide to increase your mortgage term, you can switch back to your original term within six months by contacting us. You will not need a new affordability check and this won’t affect your credit file. Affordability will need to be checked if you wish to extend your mortgage term beyond your expected retirement date.

If you would like to extend your mortgage term, please contact one of our mortgage advisers on 0345 606 4488, we're available from 8am – 6pm Monday to Friday.   

Reducing your term can save you interest

If you reduce your mortgage term, this can save you interest. However, your monthly payment will increase.

If you would like to reduce your mortgage term, please contact one of our mortgage advisers on 0345 606 4488, we're available from 8am – 6pm Monday to Friday. 

We are very mindful that many of our Members may be struggling with the rising cost of living. Please remember that we are here to support you and we encourage you to talk to us if you are concerned about your mortgage payments, or your wider finances.

We already have a range of other options for customers who may be struggling financially and need support outside of the Mortgage Charter, such as taking a break from paying all or part of your monthly mortgage repayments. Or there is an option to split between repayment and interest only, this will reduce the monthly payment amounts. However, this means that at the end of the mortgage term there will still be a remaining amount of the mortgage to pay off, which would need to be paid as a lump sum.