If you have a repayment mortgage: Your payment is based on your outstanding loan amount, term and interest rate to make sure you’ll have paid off your balance at the end of your mortgage.
If you have an interest only mortgage: Your monthly payment will be based on your new rate and outstanding balance. Your payments will only pay the interest due and won’t reduce the amount you owe.
If you're in arrears: Your monthly payment doesn’t include repayment of any outstanding arrears and you’ll need to make arrangements to pay these separately if you haven’t already done so.
If you have an agreement to pay a different amount: If you're currently paying a different amount to your contractual monthly payment this will continue. Please check the letter we send you with your payment details carefully for more information.