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On 2 November 2017, the Bank of England announced that the Bank Base Rate would increase with immediate effective from 0.25% to 0.50%.

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If you're considering a new mortgage or if you already have a mortgage with us, here are some things you need to know about how our mortgages work.

Product end date

The majority of our mortgage products refer to the fact that the interest rate is applicable until a specified date, the product end date.

This means that although the product may be referred to as a '3 year fixed' for example, the rate of interest may last slightly more or slightly less than 3 years.

This depends on when your mortgage (or mortgage product transfer or additional loan) completes.

For example:

A '3 year fixed rate with a product end date of 30/04/18' is chosen.

  • If your mortgage application completed on 1 April 2015, the interest rate is fixed from 1 April 2015 (the date of completion) to 30 April 2018 (the product end date), which is almost 3 years and 1 month.
  • If your mortgage application completed on 1 June 2015, the interest rate is fixed from 1 June 2015 (the date of completion) to 30 April 2018 (the product end date), which is 2 years and 11 months.
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Daily interest

We calculate the interest payable on the balance outstanding at the end of each day. Any payments of capital are immediately applied to the balance but interest is compounded daily.

The important thing to note here is that if you miss or are late with payments, more interest will be charged.

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Your mortgage commitments

You will have the following commitments whilst you have a mortgage with us:

  • Maintain regular payments on your mortgage
  • Look after the property and keep it in a good state of repair
  • Fully insure your property with an adequate Home Insurance Policy whilst you have a mortgage with us. You may choose the provider of this policy as long as it meets our requirements

These are some of the obligations you will have as part of taking out a mortgage. You will receive full details with any mortgage offer we issue

If you fail to meet these (or other) obligations, there may be additional costs for you where we have to carry out further work and/or incur extra costs.

If in the future you have trouble making your mortgage payments, you should contact us as soon as possible so we can try to help you. We'll be able to discuss your circumstances and wherever possible offer help to meet your individual needs.

Ultimately, your mortgage is a loan which is secured against your home. This means that as a last resort, we can take action to repossess and sell your home if you do not keep up payments on your mortgage or in the event of any severe breaches of your obligations.

Interest only mortgages

All new mortgages can only be set up on a repayment (Capital & Interest) basis only. With this type of mortgage the borrower's monthly payment will include elements of both interest and capital. Provided all payments are maintained, the loan will be repaid at the end of the term.

We do not currently lend on an interest-only repayment basis.

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