Changes to our payment process - September 2016

Recent Changes to the BACS notification period

You may have received a letter stating that we have changed the BACS notification period from a minimum of 10 working days to a minimum of 4 working days. This means that prior to making any changes to your Direct Debit payment amount we will provide you with a written notification 4 working days before the new payment amount is due to be collected. This does not change the notification period of any other aspect of your mortgage; for example, notification of a change to your interest rate or your monthly payment date.

This change has not altered the interest rate you are being charged, your monthly payment date, your monthly payment amount or your payment method. There is also no change to any arrangement you may have in place to clear any arrears, if this applies to you.

The notice period in relation to the Direct Debit mandate has reduced from a minimum of 10 working days to a minimum of 4 working days

We have written to all affected customers in August / September 2016 to advise of these changes.

There is no action for you to take as the system will be updated automatically. Please see the Frequently Asked Questions below.

Has my interest rate or payment amount changed?

No - This change has not altered the interest rate or monthly payment amount on your account. Whenever an interest rate change occurs we will notify you at least 4 working days before any change in your interest rate or monthly payment

Do I need to change my payment amount or payment date?

No – we will apply the new 4 day notice period to your account. You do not need to change your payment amount or your Direct Debit details and there is no change to your payment date

I have more than one account, will they all be affected by this change?

Yes – all your accounts will be affected by this change.

What should I do now?

You do not need to take any action – the letter sent to you (in August / September 2016) is for information only.

Can I still make regular overpayments?

Yes – you can still make overpayments – for more information about making overpayments, visit our Overpayments section.

Can I still make Capital Repayments?

Yes - you can continue to make capital repayments to reduce your outstanding balance. To make a capital repayment please call us.

Can I set up a Direct Debit?

Yes – setting up a Direct Debit is easy – call us and we can arrange this for you over the phone.

I want to amend my Direct Debit - will that be affected by this change?

No – this does not affect how you make changes to your Direct Debit.

I am in an Arrangement To Pay (ATP) - will this have any impact?

No – any agreed payments you have in place will not be affected. You should continue to make payments as per your arrangement.