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Payment queries

What happens when the interest rate changes?

If you pay your mortgage by direct debit, you do not need to do anything as we will automatically change your payment from the date shown. If you do not pay your mortgage by direct debit you will need to ensure that your new payment is made from the date shown in your letter. This could be a good time to consider paying by direct debit. If you would like more information please call our lending call centre on the number shown below.

0345 300 2627 (Our lines are open 8am to 8pm Monday to Friday and 9am to 1pm Saturday.)

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When will my payment change following an interest rate change?

If you are affected by a change in interest rate and a change to your monthly payment we will write to you before the rate takes effect. As a summary, the following will occur:

Interest rate changes usually take effect from the 1st of the following month. If your monthly payment is recalculated as a result of a change in our interest rates, following a BoE Base Rate change, we will always give you a minimum of 4 working days' advance notice before the new payment is due. We will always give you more notice when we are able. The change to your monthly payment will happen either on the next payment due date after the 1st of the month when the new rate takes effect, or the next payment due date after that.

In some cases the first monthly payment following the change in interest rate may be different to subsequent monthly payments. This is because part is calculated at the current interest rate and part is calculated at the new interest rate. The subsequent monthly payments are the full month at the revised rate. This only occurs wherever the interest on your account is charged daily.

Customers with a mortgage account number with a 60/ prefix

If you are affected by a change in interest rate and a change to your monthly payment we will write to you before the rate takes effect. As a summary, the following will occur:

Interest rate changes usually take effect within 35 days of the BoE announcement. If your monthly payment is recalculated as a result of a change in our interest rates, following a BoE Base Rate change, we will always give you a minimum of 4 working days' advance notice before the new payment is due. We will always give you more notice when we are able.

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What does APR and APRC mean, and what does it represent?

APR stands for Annual Percentage Rate and APRC stands for Annual Percentage Rate of Charge. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. Your Mortgage Illustration will detail the fees which are included in this calculation. Both the APR and APRC are calculated using a standard method to provide an effective way for you to compare quotes from different lenders.

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How do I restart my monthly payments?

If you cancelled your Direct Debit we can help to make sure you're ready to restart your monthly payments before the next one is due. It's important to remember to do this to make sure your account doesn't fall into arrears.

Please use our online form to ask us to set it back up for you, using the same bank details as before.

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Do I need to pay separate amounts for my different loans?

Yes, the new payments shown on your statement are for each individual account number so you need to pay separately for each account.

Customers with a mortgage account number with a 60/ prefix

You will only have 1 direct debit to cover each mortgage on a single property.

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Why has my payment changed when my mortgage is on a fixed rate product?

This happens if your mortgage is spread over more than one fixed rate mortgage product.

As your loan is operating on more than one fixed rate product, the interest rate charged to your loan is an average rate of the products that apply to each part of your loan. If the balance on your loan has changed then the average rate will also change. We will review your average interest rate each time our standard variable rate changes. This applies even if one or all of your products is a fixed rate.

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What if I have made an arrangement to pay a different amount or my account is in arrears?

If you currently have an arrangement to pay an additional payment or reduced amount, any new payment you are notified of may not take this into account. If you pay by direct debit, we will collect the arrangement amount that has been agreed with you. If you do not pay by direct debit, please continue to make the payment that you have agreed with our collections team or contact them to review your arrangement.

Our contact details for any queries are as follows:

Birmingham Midshires Mortgage Servicing
PO Box 833
LEEDS
LS1 9PU

Phone:
0345 300 2627

For telephone line opening times, please read the information in our contact section. Calls may be monitored and recorded for security and training purposes.

Our tracker rate mortgages are linked to Bank of England Bank Rate (also known as Bank of England repo rate). Details of this rate can be found on the Bank of England website or in the Financial Times or other leading newspapers.

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© Birmingham Midshires

This site is intended for UK residents unless otherwise stated. Mortgage Loans will be made by Birmingham Midshires.
Birmingham Midshires is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh, EH1 1YZ.
To contact the FCA Consumer helpline, please ring 0800 111 6768 or visit moneyadviceservice.org.uk/.