A guide to your mortgage payment
Understanding your mortgage payment costs
Your mortgage is likely to be the biggest financial commitment of your life, so it’s important that you know the different parts of your mortgage payment as well as the methods you can use to pay your mortgage.
This Mortgage Payment guide includes a breakdown of the elements of your monthly mortgage payment so you know what you’re paying towards as well as information on how to make a payment.
You can also find information on the payment options available to certain customers who want to pay a bit more on their mortgage each month or what to do if you need to take a payment holiday. You can also find out what to do if you are struggling to pay off your mortgage each month.
You should be aware that if you want to pay off your mortgage early, you may be liable for Early Repayment Charges.
What makes up your mortgage payment?
When you repay your mortgage, your payment is made up of the following parts:
What about Interest Only mortgages?An Interest Only mortgage is where the payments only go towards repayment of the interest being charged on the mortgage loan and not towards payment of the capital. This means that the capital needs to be repaid at the end of the term. If you are an existing customer with an interest only mortgage our guide page has more information.
Making your mortgage payment
Most people choose to make payment via a monthly direct debit from their main bank account. This is arranged as part of your application so that it is ready as soon as your mortgage completes.
Payment by debit card
You can call our 24-hour automated line on 0345 1200 200* to make a payment by debit card.
You can pay your mortgage payments by cheque, either at one of our branches or by sending in the post to:
Yorkshire Building Society
Over the counter at your bank or building society
You can also make a payment towards your mortgage over the counter at your bank or building society, using the following bank details:
|Sort code||60 – 92 – 04|
|Bank account number||The first 8 digits of your YBS mortgage account number|
|Reference or roll number||The full 10 digits of your YBS mortgage account number|
These details can also be used to arrange payment via Faster Payments, CHAPS or BACS.
Making a lump sum payment
You may make overpayments either as regular additional payments or as lump sums. There may be a maximum amount that you can pay each year without incurring Early Repayment Charges. Please refer to your product factsheet and mortgage offer for full details of overpayment restrictions and Early Repayment Charges. Read more about making overpayments.
You can call our 24-hour automated line to make a mortgage payment by debit card or to speak to us about your payment options:
0345 1200 100*
8am - 8pm: Mon to Fri
9am - 1pm: Sat
Whatever payment option you choose it’s important to remember that 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.
Underpaying or taking a payment holiday
If you would like to take a mortgage payment holiday or pay less for one or more months, you must first make overpayments to your mortgage. Your overpayments will need to be enough to cover the months you want to change your payment for. All of our mortgage deals allow you to overpay up to 10% of your mortgage balance each year. Some products allow more.
If you make a payment in excess of any overpayment limit, the Early Repayment Charge will be calculated on the amount paid over the limit.
Read our guide on making overpayments to find out how you can arrange to make additional payments on top of your standard mortgage payment.
Underpayments or payment holidays need to be agreed with us in advance. You can ring us on the number below. Be aware that underpaying will increase the amount of interest we charge you. Interest continues to be charged during payment holidays.