A guide to your annual mortgage statement

In this section:

• The opening balance shows the balance outstanding (what you owed) at the start of the mortgage statement period; the 1 November, which is the beginning of our business year.

• The total amount you have been charged in interest and charges during the period. These are broken down in section 2. This is added to your opening balance.

• Credits received is the total amount you have paid off your mortgage during the statement period. This is subtracted from your opening balance.

• Closing balance shows what you owe on your mortgage at the end of the mortgage statement period; the 31 October. The total of all the different parts of your mortgage (see section 4) adds up to the closing balance. Please be aware that this is not the amount you need to repay your mortgage and close your account. This is explained more in section 5.

This shows how much interest we’ve charged you during the mortgage statement period, as well as any fees or charges. Our interest is calculated daily, which means that even small changes to your balance can affect how much interest you pay.
If you overpay your mortgage (pay more than the payment due each month), you will end up being charged less in interest because the balance is reducing quicker.
If you underpay your mortgage (pay less than the payment due each month), you will end up being charged more interest because the unpaid amount stays on your balance longer and keeps building up daily charges.

If part, or all, of your mortgage is on our Standard Variable Rate (SVR) or is linked to our SVR, any change to the interest rate during your mortgage statement period will be shown here. This section also shows what type of interest rate you are on, for each part of your mortgage. For example, variable, fixed, discounted etc. 

We recommend that you consider a mortgage review with one of our mortgage advisers. It may be that we can improve your interest rate and lower your monthly payments taking into consideration any early repayment charges that may be applicable.

If you’re having difficulty making your mortgage payments, or think that you might in the future, please call us on 01635 555588 or email us so that we can help you.
 

For each part of your mortgage (you could have more than one part, if for example you have taken out additional borrowing) we give details on your repayment method (how you are repaying the loan) for example interest only (where you are only paying the interest owed) or capital and interest/repayment (where you are paying both the loan and interest). 

We also show the balance outstanding (what is still owed) at the statement date and the term remaining on each part (how long you have left to repay each part) to the nearest full month. 

It’s important you check your repayment method to make sure it is what you expect it to be. If not, please advise us straight away.  

If you are on an interest only mortgage, it is important to check regularly that the plans you have in place are still on track to make sure you can repay your mortgage (in a lump sum) at the end of the term. If you have any concerns about this, please contact our Payment Support Team on 01635 555588 or email us.  

It is also important to consider whether you have suitable term assurance/life cover in place in the event of your death.  If you take out additional borrowing with us, it’s important to make sure your life cover takes this into account. We recommend you seek financial advice on this matter.
 

The total amount needed to repay your mortgage varies daily, so the total amount shown in this section should not be used as the exact amount needed to pay off (redeem) your mortgage. This section shows you the outstanding balance of your mortgage on the date of your statement (31 October), as well as any early repayment charges that may be applicable and the mortgage exit administration fee (MEAF) you would be charged to repay in full. If you want a true and accurate redemption amount you must request a redemption statement from our Mortgage Support Team on 01635 555700 or email us.  

This section is a breakdown of all the payments you made during the statement period and any refunds or overpayments. It also includes any fees that have been debited to your account. If you are unsure whether you can make overpayments, your Mortgage Offer will have details on what is allowed and any implications on the interest you will pay.

Buildings insurance protects your home against damage from flooding, fire and other unpredictable events which can cause structural damage to your property. Newbury Building Society does not arrange for you to have buildings insurance; however, it is a condition of your mortgage with us that you always have valid buildings insurance in place. You should therefore check carefully that you have adequate protection in place should the worse happen. 

If your mortgage is ‘in arrears’ - where you have missed mortgage payments or have paid less than your normal monthly payment- this section shows you your arrears balance i.e. what amount is outstanding.  If you are in arrears, or anticipate having difficulties with your monthly mortgage payments, it’s important to contact our Payment Support Team by email or calling 01635 555588 between 9.00am and 5.00pm, Monday to Friday (9.30am on Wednesday), excluding bank holidays.

You can also contact the government sponsored MoneyHelper to get support online.