FREQUENTLY ASKED QUESTIONS
Over the life of your mortgage with us, you may have lots of questions, for your convenience we have compiled answers to our most frequently asked questions below:
- Can I make overpayments?
- What is the difference between a "capital payment" and a "general overpayment"
- Are any charges payable if I make an overpayment
- How do I make an overpayment?
- Is it possible to take a “payment holiday”?
- Is it possible to take my mortgage to a new property?
- How would I be able to borrow more on my property?
- When can I change my rate to another one and how much will it cost me?
- How can I change from interest-only to repayment or vice-versa?
- How do I inform you of my change in bank details for my direct debit?
- How can I request a copy of my mortgage statement?
Do you need our help?
Please call us on 03330 140146 to arrange an appointment should you be in a position to apply or require advice, alternatively our customer representative may be able to answer any queries you might have. For details of our opening hours, please visit our Contact us page.
Alternatively if you would like us to contact you at a time of your choice please complete the call back request form on our website which can be found here: Contact us - Call me back.
Can I make overpayments?
Overpayments are allowed, either as a lump sum, an increase to your monthly payment amount or as smaller regular or irregular payments. If you make an overpayment, you will need to advise us whether this is to be applied as a “capital payment” or a “general overpayment”
What is the difference between a “capital payment” and a “general overpayment”?
With a “capital payment”, the outstanding balance of your mortgage is reduced immediately and your monthly payments are recalculated based on the reduced balance, unless you advise us otherwise. This will lead to reduced
monthly payments, normally from the next monthly payment date.
With a “general overpayment”, the outstanding capital balance will not change until the next capitalisation date (either end of the month or end of the calendar year, depending on your account). Your monthly payment will not be automatically amended. This will lead to reduced interest charges for your account and for capital and interest repayment mortgages, assuming that your monthly payments remain unchanged, your mortgage will be repaid earlier.
Are any charges payable if I make an overpayment?
Within the Early Repayment Charge (ERC) period you can make overpayments up to a maximum of 10% of your loan per year* without incurring a charge. Where applicable, the ERC allowance will be referred to in your mortgage offer letter or latest product change confirmation.
*Please note that the year is measured from the month that your mortgage completed, or from the month that your last product change took effect. The ERC allowance is not cumulative and does not apply when the whole loan is being repaid, in this instance the charge will be incurred on the capital balance at the time of redemption. All overpayments made, either on a regular basis or as a lump sum, do count towards the 10% annual ERC allowance. If the permitted 10% capital reduction is exceeded, an early repayment charge will be applied based on the excess capital repaid.
How do I make an overpayment?
Once you have notified us that you are intending to make an overpayment you can send moneys in the following ways:
- You can give us an instruction to increase the amount we collect in your monthly direct debit. This increase can be cancelled at any time by contacting us.
- Ask your bank to send a direct funds transfer quoting our sort code: 40-02-50 and account number: 21397400, plus your mortgage account number and name as a reference.
- You can send a cheque (made payable to yourself or "National Counties Building Society" followed by your name and mortgage account number).
- You can set up a standing order if you wish to make regular overpayments or capital repayments, using the form that is available to print from the Downloadable Mortgage Forms page of our website. You can set up a standing order if you wish to make regular overpayments or capital repayments, using the form that is available to print from the Downloadable Mortgage Forms page of our website
Is it possible to take a "payment holiday"?
If you are experiencing any payment difficulties you must contact us immediately. We can work out a plan with you.
Is it possible to take my mortgage to a new property?
Subject to affordability and property suitability you can take your existing product and, where additional borrowing is required, this can be taken on a new product from our 'Further Advance' product range at that time. You can also reduce the amount of your loan when you move, but you may wish to check if Early Repayment Charges (ERC) apply.
How would I be able to borrow more on my property?
Subject to affordability and property value you can borrow more and choose a product from our 'Further Advance' product range at that time.
Please note that where existing borrowing is on product terms that have interest calculated annually, the mortgage product chosen by you must be on the same basis. Similarly, where existing borrowing is on product terms that have interest calculated monthly, the mortgage product chosen by you must be on the same basis.
When can I change my rate to another one and how much will it cost me?
You can request to change your rate at anytime however you may have to pay an Early Repayment Charge. The cost involved depends on the product that you feel is most suitable - there may be a product fee for the new product you'd like to transfer to. Any fees that you have to pay will be provided in a personalised illustration before you decide to proceed
How can I change from interest-only to repayment (or vice-versa)?
You must write to us and request the change. Any changes will be subject to re-assessment of income and consideration of the reason(s) for the change. There are fees associated with a change of this nature.
How do I inform you of my change in bank details for my direct debit?
Send in a new direct debit mandate using the form that is available to print from the Downloadable Mortgage Forms page of our website.
How can I request a copy of my mortgage statement?
You can request a copy by letter, telephone call or email. Your most recent mortgage statement will be sent out to you, free of charge, on annual basis; any additional copies of this or previous statements can be requested at a cost of £20 per statement.
THE MORTGAGE WILL BE SECURED ON YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE