On a Rollover mortgage you automatically roll to a new rate of interest each year unless you request otherwise.

With our Rollover Fixed Rate mortgage, each year as the end of the current Rollover period on your mortgage approaches, we’ll write to you and confirm what the next Rollover fixed rate will be for the following 12 month period.

The letter will include details of:

• what the next Rollover Fixed Rate will be,
• details of what your new mortgage payments will be; and
• a reminder of what your options are.

This process will happen every year that you remain on your Rollover Fixed Rate product.

If you’re happy with this new rate, you don’t need to do anything as your mortgage will automatically roll onto the new rate for its next Rollover period.

And if you decide you don’t want to roll onto the new fixed rate, just contact us up to 90 days before your current Rollover period ends or when you receive our letter.

You then have the option to transfer to one of our existing borrower transfer products available at the time (subject to meeting criteria) or, you can transfer to our Standard Variable Rate of interest.

These products are offered from time to time.

With a capped rate mortgage, you pay a variable rate of interest, but any future increase is capped at a specified rate for a set period of time.

This means that if the variable rate falls below the level of the cap, you are charged a lower interest rate but if the variable rate increases, you have the reassurance that your interest rate will not rise above the specified capped rate.

The variable rate of interest on a capped product is usually linked to or tracks either the Bank of England Base rate or our Standard Variable Rate.

Most lenders have what's known as a standard variable rate. As the name suggests, the rate of interest can vary upwards or downwards. At the end of special deals, many borrowers may pay this rate, so even if you initially opt for a special deal, you should take note of it.