How will I know what I'm paying each month?

How will I know what I'm paying each month?

We'll send you an Offset statement at the end of each month showing a daily breakdown of the Offset benefit you have earned from any accounts you have linked to your mortgage.  This statement will also show the monthly payment that we will collect by direct debit on the 16th of the following month.

What will my payment be in the month my mortgage completes?

As your mortgage can complete at any time during the month we will not collect your first payment until the following month.   However, you will begin to earn Offset benefit on the total balances in the accounts that you have linked to your mortgage.

What will I pay in the month after my mortgage completes?

In the first full month after your mortgage completes, the payment you will have to make is a full contractual monthly payment (as stated on your mortgage illustration) plus any mortgage interest carried forward from the month when your mortgage completed.

Your first monthly payment will be reduced by the Offset benefit you have earned by the end of the month when your mortgage completes.  This is because each monthly payment is reduced by the amount of Offset benefit that you have earned in the previous month.

What will I pay each month thereafter?

Each of the following monthly payments will be reduced by the Offset benefit earned during the previous month.  If the total balance held in your offset accounts fluctuates during the month, this will be reflected in the following month’s payment.