mortgage payments and Direct Debit guide

Managing your mortgage payments should feel simple. This guide explains how your Direct Debit works and what to do if you need to make a change. We’re here to support you.

Here you’ll find informtion about what makes up a mortgage payment and about how you can pay.

We also explain payment holidays, and what to do if you miss a payment.

What's on this page?

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

 

What makes up a mortgage payment?

When you repay your mortgage, your payment is made up of three parts.

The capital

This goes towards paying off some of the loan amount that you borrowed from your mortgage provider.

The interest

This is the charge for borrowing the money. At the start of your mortgage you may find that a large part of your payment goes towards paying the interest.


Over time you’ll see the amount of capital you pay off increase, and the balance will reduce quicker.

Additional fees

When you take out a mortgage there are usually some fees and charges. Some fees are paid before your application and some are added to the total mortgage loan. This increases the loan amount and the amount of interest you’ll pay.

Interest only mortgages are where your payments only cover the interest being charged on the mortgage loan. Your payments may be less as they do not include any payments towards the original loan. This means that the loan amount, often called the capital, needs to be repaid at the end of the mortgage term.

How does a mortgage Direct Debit work?

1

Set up

Your Direct Debit is set up as part of your application.

2

First payment

Your first payment may be slightly different to your regular monthly payments.

Your first payment includes the initial interest. This is charged from the day we released the funds to your solicitor, to the end of the calendar month.
3

Monthly payments

After your first payment, your mortgage will be collected automatically each month by Direct Debit on the chosen date.

We take the payments automatically and securely, so there's nothing you need to do.

If your Direct Debit payment fails, please get in touch with your bank. If your Direct Debit fails twice in row, it will be cancelled.


We’ll try to contact you by phone if a Direct Debit fails, and we’ll write to you. It’s important to find a solution as quickly as possible. If you’re struggling to make a payment, please get in touch.

How do I change my Direct Debit?

It will take 14 working days to set up a new Direct Debit.
Changes to your existing Direct Debit need to be made 3 days before your scheduled payment date. If you make a change, additional interest may be added as this is calculated daily.

Change Direct Debit date

You need to make a payment every month. Some changes might result in 2 payments made close together (for example moving from 30 November to 1 December).

Interest is calculated daily, so this may slightly increase the interest you pay.

To make changes to your Direct Debit date you can contact us.

Change Direct Debit amount

  • To increase your payment amount, please contact us. In some cases overpayments can incur early repayment charges
  • If you would like to decrease your payments or take a payment holiday, these need to be agreed with us first so please contact us to discuss your options.

Change Direct Debit account

To change your Direct Debit account, please contact us and we'll support you with this.

You may need to make this months payment using another method to ensure the payment goes through.

Paying by debit card, cheque, transfer or in branch

Debit card

You can call our 24-hour automated line on 0345 1200 872 to make a payment  by debit card.  Our automated system only allows payments of up to £1000. 

Alternatively, our Mortgage Specialists can take your payment. 

 

Cheque

Send your cheque in the post to:



Processing Team, 
Accord Mortgages,
Yorkshire Building Society, 
Yorkshire House, 
Yorkshire Drive,
Bradford,
West Yorkshire,
BD5 8LJ

At your bank

You can also pay at your bank using these details:


  • Sort code: 62–29–33
  • Account number: the first 8 digits of your accord mortgage account number.
  • Reference or roll number: the full 10 digits of your accord mortgage account number.

Please note, some banks may charge for paying this way. You'll need to make sure that we receive all payments by your due date.

Overpayments and underpayments

Overpaying and lump sum payments

Most mortgages allow you to make extra payments. These are known as overpayments. 



Overpaying on your mortgage could mean that you have to pay charges called early repayment charges. 



So, it’s important to fully understand the terms of your mortgage before making a lump sum payment. See our guide for more information.

Underpaying and payment holidays

Underpayments or payment holidays need to be agreed with us in advance. If you’d like to chat about your options, please call us.

It’s important to know that underpaying will increase the amount of interest we charge you because interest continues to be charged during payment holidays.

If you would like to take a mortgage payment holiday or pay less for one or more months, you’ll first need to make overpayments on your mortgage to cover this. Overpaying on your mortgage can lead to charges if you overpay too much. So, if you’re planning a payment holiday, it’s best to talk to us first. See our guide for more information.

Get in touch

Residential

Chat to our mortgage specialists to discuss your options.
Monday to Friday:  9am to 5pm
Saturday: 9am to 1pm
Calls to 03 numbers are charged at the same rate as 01 or 02 numbers from all phones.

Buy to Let

Account numbers beginning with 10013 or 10014

Monday to Thursday: 8am to 8pm
Friday: 8am to 6pm
Saturday: 9am to 1pm

Other account numbers

Monday to Friday: 9am to 5pm
Saturday: 9am to 1pm
Calls to 03 numbers are charged at the same rate as 01 or 02 numbers from all phones.

Other helpful pages

If you want to learn more about mortgage payments, these pages can also help.