Mortgage Statement

When will I receive my Mortgage Statement?

Statements for the period 1 April 2010 to 31 March 2011 will be dispatched on 21 April 2011. Please allow two to three days for posting. If you have not received your Statement by the end of April please contact our Contact Centre Team on 08456 004 005 who will be able to assist you further.

What happens if I have closed my mortgage account during the period covered by the Statement?

You will not receive a Mortgage Statement. Prior to redemption of your mortgage we prepared a Redemption Statement, giving a full breakdown of the amount required to repay your loan. If you would like a copy of this final Statement, please contact our Contact Centre Team on 08456 004 005.

What interest rate has been charged on my mortgage?

The type of mortgage product you chose determines the interest rate applicable to your account. The actual rate of interest will be shown on the page headed “Mortgage Account Summary”.

How is interest charged?

With a repayment mortgage (capital and interest) you repay both the interest and a small percentage of the borrowed capital each month. Each time you make a capital payment (either a regular monthly repayment or a one-off overpayment) you get the automatic benefit of a reduced mortgage balance immediately through a reduction in the interest charged. We recalculate interest in any event at the end of each month, and at the end of the mortgage term your mortgage will be paid off in full (assuming you continue to meet your payments).

If you have an interest-only mortgage, your mortgage payments do not include the costs of any savings plan or other investment you may have arranged to build up a lump sum to repay the amount you borrowed. It is important to check regularly that your savings plan or other investment is on track to replay this mortgage at the end of the term. It is your responsibility to ensure that an appropriate savings plan or other investment is in place, and to check that it is on target to repay the amount of your mortgage

"Daily Interest Calculation" - We calculate interest on a monthly basis and adjust the interest charged every time a payment of capital is make.

“Annual Interest” - We calculate interest on the outstanding balance of your mortgage on the 1st April each year and on any amount we loaned to you during the year.

Please check your Statement if you are unsure which method of interest calculation your account is receiving.

What happens at the end of my discounted, fixed, capped, or tracker period?

At the end of your current mortgage product, the interest rate which will apply to your account coule be either our standard variable rate (SVR), our standard mortgage rate (SMR) or another rate i.e. a rate linked to the Bank of England. We'll contact you before your mortgage deal comes to an end, offering you a choice of alternative products.

Why is my Bank Credit (Standing Order) for March not shown on the Statement?

Payments made by Bank Credit (Standing Order) sometimes take up to 4 days to reach us. If you pay towards the end of the month it may sometimes mean that the payment due for that month does not reach us until the beginning of the following month. You may find that paying by Direct Debit is a more convenient method of paying as this ensures that your payment is paid to your mortgage account on the date it leaves your Bank. A lot of customers find this method more convenient as if there are any changes to the monthly payment you do not have to inform your Bank, we adjust it for you. If you prefer to change to this method of payment please contact your local branch or call our Contact Centre Team on 08456 004 005.

One of my monthly payments is not shown on my Statement?

It could be that the payment(s) were recalled by your bank therefore it would have been refunded back to them and re-credited to your bank account – please check your bank statements. If we have, for any reason, refunded a part of your payment, we will have sent a letter to explain why the part payment has been refunded. If there seems to be an error regarding your Payments Received, please contact your local Branch or our Contact Centre Team on 08456 004 005.

Why is insurance shown on my Statement when I have chosen to insure with another provider?

The insurance shown on your Statement covers the period from 1 April 2010 until the date you moved your insurance elsewhere.

Can I make capital repayments to my mortgage?

Please check with us first to ensure that no Early Repayment Charges apply. Although you will be charged less interest, we will not normally recalculate your monthly payment when you make an overpayment. However if you make a one off payment of £500.00 or more and advise us that this should be treated as a capital repayment, we will automatically recalculate your monthly payment, unless you advise us otherwise.

What happens if I repay my mortgage early? Are there any charges?

The charges that are made will depend on the type of product you have chosen and if there are any Early Repayment Charges due.

The amount of the Mortgage Discharge Fee will cary depending when you completed your Mortgage. Please see below for details:

For mortgages completed on or after 1 June 2006 - £125.00

For mortgages completed on or after 1 June 2005 and before 1 June 2006 - £95.00

For mortgages completed before 1 June 2005 - £75.00

Why is the Early Repayment Charge and date hand written on my statement?

Unfortunately in a small number of statements the date your early replayment charge is due to end did not print. This has been checked and the correct dated written onto your statement.

Why has my mortgage balance increased?

It may be that you have not paid all your monthly payments or they have not been paid in full or we may have released some monies held back on retention.

What happens if I can’t afford to make my monthly payments?

We will do everything we can to help if problems arise which mean you have difficulty in making your monthly payments. f you run into difficulties the most

important thing is to contact us as soon as possible either at any of our Derbyshire branches, by writing to us at Derbyshire Building Society - Mortgage & Insurance Team, PO BOx 10115, Northampton, NN3 0DJ or by calling our Contact Centre Team on 08456 004 005.

The FSA provide a leaflet called “Problems Paying your Mortgage". This provides useful information/helplines regardless of whether the mortgage is regulated or not. It can be located on www.moneymadeclear.org.uk/publications

I have an interest only mortgage – can I change this to a capital and interest repayment method?

Yes. Please contact your local Branch or our Contact CentreTeam on 08456 004 005 who will be happy to assist you. Please note there is a £50 administration fee for this request.

I have a capital and interest only mortgage – can I change this to an interest-only mortgage?

Possibly, but you will need to let us know, in writing, the reasons for your request and how you intend to repay the capital portion of your mortgage e.g. through an endowment or other suitable investment related policy, sale of property, tax-free lump sum or by transferring back to a repayment mortgage at a future date. Given the potential risks associated with an interest-only mortgage you should ensure that this is appropriate for your circumstances. However, the Society reserves the right to decline a request to convert all or part of your mortgage to an interest-only basis which we feel is not in your best interests.

Please contact your local Branch or our Contact Centre Team on 08456 004 005 who will be happy to assist you. Please note there is a £50 administration fee for this request.

N.B. Transferring to a repayment mortgage at a future date, without altering the term of the mortgage, could significantly increase the level of your monthly repayments.

Why is the term of my mortgage showing longer on my Statement than the term of my Endowment Policy?

The Endowment Policy(ies) that you hold may mature before the end of your mortgage term. If this affects you please contact our Contact Centre Team on 08456 004 005 who can arrange for this to be amended in line with your policy(ies).

What are “Other Charges to your Account” shown on the Statement for?

Current charges like Deeds Administration Fee, Duplicate Statements, Legal Costs, Returned Cheques would show in this part of your Statement. Please contact us if you require a detailed breakdown of the charges that may apply to your account.

I have several loans with you but my Statement only shows one?

Since the introduction of Mortgage Regulation, all further lending since 01/11/2004 is now set up as a separate account. For further loans taken out after this date, a separate statement will be sent showing details of the further loan(s).