To help you along we have put together the most frequently asked questions about mortgage statements below.
You can also use our helpful guide to statements.
Your annual mortgage statement(s) will be sent out in January and February 2012.
What if I still have not received my statement after this date?
Please check your details to make sure that we have the correct correspondence address. If you have not received your annual statement by the end of March you can ask for another statement to be sent to you. There is no fee if you request one before the end of April 2012.
Back to top
Why does my statement seem as though it’s missing some information?
Please note that annual mortgage statements are printed on both sides.
Back to top
Why do I have a separate statement showing as sub-account 99?
This statement shows any fees that have been charged to your account during the year.
Back to top
What is the redemption statement for?
A redemption statement is included for information purposes only. This shows you how much is left on your mortgage account and what it is based upon.
Back to top
Why haven’t I got a statement for a mortgage that I repaid earlier last year?
Annual statements are not sent out for accounts that have been repaid within the year because they contain the same information that was included in your ending redemption statement. If you’d like to, you can request a closing statement to be sent to your correspondence address.
Back to top
About my mortgage / mortgage deal
I’ve forgotten to tell you my new correspondence address. What should I do?
If you have recently changed where you’d like your mortgage statement to be sent to we’ll need signed confirmation of your new address, along with your mortgage account number. If it is a joint mortgage, all mortgage holders will need to sign.
Back to top
Why has my balance increased?
There are various reasons why your mortgage balance may increase. For example, you may have had a payment holiday during the year. The missed payments are added to the mortgage, which means that the balance is increased.
Please call 0845 6031 637 if you require further details about your mortgage balance.
Back to top
Why has my repayment mortgage balance gone down by only a small amount during the year?
Your monthly payment is made up from two parts:
-
- the monthly interest; and
- an amount that goes towards repaying the amount that you have borrowed.
As you pay off your monthly payments, your balance will get smaller and so the interest due will also be less each month. Over time, more of your payment will go towards repaying the mortgage, which will reduce the balance. So you’ll gradually repay the mortgage faster and faster.
Back to top
About my transactions and payments
Why has my monthly payment gone up?
Your monthly mortgage payment will have gone up if one, or more, of the following has happened:
- - You’ve missed a payment during the year, which means that your mortgage balance has increased.
- Your fixed-rate, tracker, capped or discounted period may have come to an end and the new interest rate is higher than your previous deal. See details on how to switch to a new deal.
- The amount owing from your payment holiday during the year has been added to your mortgage.
- Mortgage fees have been added to your account.
- You’ve asked for the term on your mortgage to be shortened.
- You’ve switched your mortgage to a repayment basis.
Back to top
Why has my monthly payment gone down?
Your monthly mortgage payment will have gone down if one, or more, of the following has happened:
- - You have made extra mortgage payments, reducing your mortgage balance.
- Your fixed-rate, tracker, capped or discounted period may have come to an end and the new interest rate is lower
than your previous deal. See details on how to switch to a new deal.
- You’ve asked for the term on your mortgage to be longer.
- You’ve switched your mortgage to an interest-only basis.
Back to top
I have my mortgage on an interest-only basis, so why does my monthly payment amount differ from the amount of interest charged?
Your monthly interest is calculated as a twelfth of the whole year, rather than by the number of days for each month. So, for a month with 31 days, the payment will be slightly less that the interest charged. And, where there are fewer days in the month, the payment may be slightly more than the interest charged. If you are making interest-only monthly mortgage payments on all or part of your mortgage, it is important to check regularly that your savings plan or investment is on track to repay this mortgage at the end of the term.
Back to top
What are the debits shown on my statement?
A debit is an amount that has been added to your mortgage balance. It could be:
- - interest charged
- - insurance premiums
- a return of a credit amount that was made to your mortgage account
- a fee that has been charged.
Back to top
What are the credits shown on my statement?
A credit is an amount that has been taken away from your mortgage balance. It could be:
- - any payment that has been received on your mortgage account
- a refund of a debit amount that was made to your mortgage account.
Back to top
Is interest charged on any fees that are added to my mortgage?
If a fee is payable and not paid straightaway, then it will be added to your mortgage, appearing under sub-account 99, and interest will be charged on it. You can choose to repay the fee/balance of sub-account 99 at any time to stop any further interest accruing.
Back to top
How has making regular extra payments affected my mortgage?
-
- If your mortgage has interest charged on a daily basis your balance is reduced straight way from the receipt of any payment. The interest is then calculated based on the lower balance. The monthly payment will not change at this time.
- If your mortgage has interest charged on an annual basis, your balance will go down straight way. However, the balance on which interest is charged will not go down until 31 December. Interest for the following year will then be calculated on the reduced balance.
Regular extra payments cannot be used to reduce the term of your mortgage.
Back to top
What if I’m having problems paying my mortgage?
Tell us as soon as possible if you are having problems repaying your mortgage or think that you might experience problems shortly. You can talk to us in confidence and our mortgage specialists will help you all they can, including giving information to help with financial difficulties, such as claiming state benefits or getting financial advice.
If you think you may be facing difficulties but haven't fallen behind with your mortgage payments, please call 0845 6031 637. If you have already fallen behind with your payments, please call 0800 3894 020.
If I make a lump-sum capital repayment, how does this affect my mortgage?
It depends on your particular mortgage arrangements:
-
- On an interest-only mortgage, a capital repayment will amend the balance.
- On a repayment mortgage, you can choose to amend the balance or reduce your mortgage term.
The minimum capital repayment is £1,000. Please bear in mind that capital repayments on certain mortgages may incur an
Early Repayment Charge. If you’re on a fixed rate you will still be able to pay up to 10% before an Early Repayment Charge applies.
How do I make a lump-sum capital repayment?
You must provide details of your name, mortgage account number and, if your mortgage is made up of more than one part, include details of which individual sub-account you’d like this payment to be applied to.
You can pay your amount in a number of ways:
Send a cheque to:
Cheltenham & Gloucester Customer Services,
PO Box 74, Kingsway,
Scunthorpe,
North Lincolnshire
DN17 1AP.
Please make sure that your cheque is payable to Cheltenham & Gloucester re A/c (insert your mortgage account number). This will help to protect you from fraud.
It is not possible to make capital repayments by credit card.
