Interest
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 new payment becomes due.
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.
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 mortgage offer documentation.
Whenever we change our SVR, we will write to you to confirm both the date when the new interest rate will apply and the impact on your monthly payment.
This is interest charged from the date of completion to the end of that month. This is added to the balance, where interest will be charged until the amount is repaid.