Payment Queries
Select a question to jump to it.
- What happens when the interest rate changes?
- Why is there a delay between the date that the interest rate on my account is changed and the date that my payments change?
- What does APR mean, and what does it represent?
- Do I need to pay separate amounts for my different loans?
- Why has my payment changed when my mortgage is on a fixed rate product?
- What if I have Accident Sickness & Unemployment Cover?
- What if I have made an arrangement to pay a different amount or my account is in arrears?
What happens when the interest rate changes?
If you pay your mortgage by Direct Debit, you do not need to do anything as we will automatically change your payment from the date shown. If you do not pay your mortgage by Direct Debit you will need to ensure that your new payment is made from the date shown. This could be a good time to consider paying by Direct Debit. If you would like more information please call our Lending Call Centre on the number shown below.
0845 300 2627 (Lines Open: Monday - Friday, 8am to 8pm and Saturday, 8am to 4pm. Calls charged at local rate.)
Why is there a delay between the date that the interest rate on my account is changed and the date that my payments change?
This is to ensure we give our customers at least 14 days written notice before their payment is changed. If your payment is due between 1st and 7th day of the month your existing payment amount will not change for 2 months following the date of the rate change. If your payment is due after 7th day of the month your existing payment amount will not change for 1 month following the date of the rate change. This will mean that between the date of the interest rate change and the date that your new monthly payment is collected, there will be a difference in the interest charged and the interest collected. This amount will be taken off your mortgage balance when interest rates go down and added to your mortgage balance when rates increase.
What does APR mean, and what does it represent?
APR stands for Annual Percentage Rate. It is the real cost of a loan based on the rate of interest, the frequency of repayments and any other costs associated with the mortgage. It provides a better guide to comparing mortgages on a like for like basis from different financial institutions.
Do I need to pay separate amounts for my different loans?
Yes, the new payments shown on your statement are for each individual account number so you need to pay separately for each account.
Why has my payment changed when my mortgage is on a fixed rate product?
Your loan is still operating on the products that you took out. Your loan may be operating on more than one product. The interest rate charged to loan is an average rate of the products that apply to each part of loan. If the balance on your loan has changed then the average rate will also change. We will review your average interest rate each time our standard variable rate changes. This applies even if one or all of your products is a fixed rate.
What if I have Accident Sickness & Unemployment Cover?
If you pay your premium with your mortgage, the monthly premium is included in the total payment. However, you may need to review your amount of benefit if your mortgage payments have changed. If you pay your premium by separate Direct Debit to our Administration Unit, it will not be included in the total payment.
What if I have made an arrangement to pay a different amount or my account is in arrears?
If you currently have an arrangement to pay an additional payment or reduced amount, any new payment you are notified of may not take this into account. If you pay by Direct Debit, we will collect the arrangement amount that has been agreed with you. If you do not pay by Direct Debit, please continue to make the payment that you have agreed with our Collections Team or contact them to review your arrangement.
Our contact details for any queries are as follows:
Lending Administration
PO Box 3406
Pendeford Business Park
Wobaston Road
Wolverhampton WV9 5FP
lending@birminghammidshires.co.uk
Fax: 01902 302705
Phone: 0845 300 2627 (Calls charged at local rate)
Calls may be monitored and recorded for security and training purposes. 0845 numbers may not be available outside the UK. Calls from BT landlines will cost a maximum of 4p per minute plus a 6p call set-up fee. The price of calls from other telephone companies and from outside the UK will vary. The call price is correct as at today's date.
Our tracker rate mortgages are linked to Bank of England base rate (also know as Bank of England repo rate). Details of this rate can be found on the Bank of England website or in the Financial Times or other leading newspapers.
All our products are SUBJECT TO AVAILABILITY and can be withdrawn at any time
Your home may be repossessed if you do not
keep up repayments on your mortgage.
