Most frequently asked questions & answers
If you fail to keep up payments on your mortgage a receiver of rent may be appointed and/or your rental property may be repossessed.
Please call our Mortgage Services Team on 01252 916776 who will be pleased to confirm our requirements. Or alternatively click here to download the form.
Your regular mortgage payment is due in advance on the first day of each calendar month.
If you have a new mortgage, we will send you a letter within 10 days of completion, confirming how much your first mortgage payment will be and when it will be collected.
It is a condition of your mortgage that payments are made by direct debit. If you have any queries in respect of this, please contact our Mortgage Services Team.
If you would like to set up a new direct debit, you can download our direct debit mandate. Alternatively you can contact our Mortgage Services team who will be pleased to provide you with one. You can request this by phone, e-mail or by post using our contact details above.
Once you have completed your new direct debit mandate, you can return it to us either by e-mail or post. Please note that we need to receive your new mandate at least 6 working days before the end of the month, in order to be able to set it up in time for your next payment.
You cannot make lump sum repayments during the fixed rate, discount or tracker period set out in your mortgage offer without incurring early repayment charges. Monthly overpayments during this time are also not permitted.
Lump sum repayments during any such period will be treated as an early repayment and will be subject to any early repayment charges that apply to your loan, as detailed in your mortgage offer.
Once this early repayment charge period has expired, you can make lump sum payments in any amount free from early repayment charges. However, monthly overpayments are subject to a monthly limit. In addition, if you make an overpayment/lump sum repayment at any time during the lifetime of the mortgage, a fee is payable as detailed in the Tariff of Mortgage Charges.
Source of Funds Requirements
We may ask you to provide Source of Funds evidence in order for us to satisfy anti-money laundering requirements. Where we need such evidence to support a lump sum repayment, please send your evidence to us before sending your lump sum repayment. By doing this, you will avoid any delay in your funds being credited to your loan.
Please contact our Mortgage Services Team if you have any queries.
Please see your Mortgage Offer for details of any early repayment charges that apply to your mortgage advance as these will be specific to the mortgage product that you chose. If you can’t find your Mortgage Offer, please contact our Mortgage Services Team who will be able to confirm this for you.
Your annual statement will be sent to you by post in April each year and it will cover the period from 1st April of the previous year (or your completion date if later) to 31st March in the current year, inclusive. This is provided free of charge.
If you require an additional statement at any time, our Mortgage Services team will be happy to provide you with this.
Interest accrues on a daily basis and is charged to your mortgage account in advance on the 1st of each calendar month.
We will always inform you in writing of any interest rate change and provide you with at least five business days’ notice of any change to your mortgage payment.
If your mortgage is on a tracker rate, it will track the Bank of England Base Rate (BBR).
The rate will either be reviewed on a monthly or quarterly basis depending on the terms set out in your mortgage offer.
At a point, chosen by us, on or about the 12th day of the calendar month, we shall determine the Bank Rate. We will make this determination by reference to the rate designated as the Bank Rate by the Bank of England. The rate so determined by us and then rounded up to two decimal places shall apply as the tracked rate applicable to the advance from the next monthly payment day and the monthly payment will be also be recalculated with effect from the monthly payment day.
Where the interest rate change affects your monthly payment, we will notify you in writing of your revised payment amount at least five business days before your new payment is due.
Fleet Mortgages doesn’t provide property insurance so it is extremely important that you make sure you are fully covered by insurance so in the event that the property is destroyed, the insurance will reinstate the property.
You should also consider that you remain liable for the monthly payments and the full amount of the mortgage balance even when the property may not be able to be let.
Fleet Mortgages is not authorised to provide you with advice.
Please contact your mortgage broker who will be able to offer you advice about your mortgage. MoneyHelper also publishes a number of guides about Buy-to-Let which are available free on their website: www.moneyhelper.org.uk
Your mortgage is not ‘portable’ so you can’t transfer your mortgage product or the terms of your current mortgage, to a new mortgage on a different property.
Yes, as detailed in your mortgage offer, the following services are not available with your mortgage. This means that if you wish to carry out any of these changes, a remortgage will be required:
Fleet Mortgages will write to you in advance of your initial fixed rate period ending. As we are unable to provide you with advice, you may wish to contact your broker in respect of the options available to you.
You can you redeem your mortgage directly with Fleet Mortgages or using a solicitor.
Please contact our Mortgage Services Team who can explain this process and our requirements to you.