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Rate and product queries

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How do I change my payment?

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. 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 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.

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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.

To help you understand how an increase in interest rates might affect your monthly payment the table below provides a guide.

Table to illustrate by how much monthly payments could be affected if the standard variable rate (currently 5.09%) increased by 0.25%.

Mortgage balance Capital Repayment - monthly payment increase Interest Only - monthly payment increase
£1,000 £0.13 £0.21
£10,000 £1.30 £2.08
£25,000 £3.25 £5.21
£50,000 £6.50 £10.42
£100,000 £13.01 £20.83

Capital repayment calculations are based on 15 year remaining term shown for illustrative purposes only. Alternatively, use our Rate Change Calculator to get an idea of how much your monthly mortgage payment might change.

Representative example

A mortgage of £145,000 payable over 20 years, initially on a fixed rate for 2 years at 3.14% and then on our variable rate of 5.09% for the remaining 18 years, would require 1 monthly payment of £824.71 then 23 monthly payments of £812.24 followed by 216 monthly payments of £946.30.

The total amount payable would be £224,406.03 made up of the loan amount, plus interest (£78,907.03) and £499 valuation fee.

The overall cost for comparison is 4.8% APRC representative.

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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, the new payment does 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.

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What if my name and address details are incorrect?

If any of your details are incorrect, please let us know in writing and send the relevant documentation to our lending correspondence team at the address shown below.

Marriage:

Original/Certified Copy (O/CC) of your marriage certificate

Reverted to maiden name:

As above or O/CC of your birth certificate deed poll:- O/CC of the change of name deed

Birmingham Midshires Mortgage Servicing
PO Box 833
LEEDS
LS1 9PU

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Where can I find further information?

For information on your new payment, please contact our lending call centre on 0345 300 2627 Lines open Monday to Friday 8am to 8pm, Saturday 9am to 1pm

For information on DWP payments, arrears or arrangements to pay a different amount please contact our collections team on 0808 145 0372

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/.