How can I change my correspondence address?

Please call our Mortgage Services Team who will be pleased to confirm our requirements.

When is my monthly mortgage payment due?

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.

What payment method can I use to pay my monthly mortgage payment?

It is a condition of your mortgage that payments are made by direct debit. However, in certain circumstances and subject to our agreement, we will accept payments by other payment methods..

How can I set up a new direct debit?

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.

Can I make overpayments on my mortgage?

You cannot make overpayments/lump sum repayments during the fixed rate, discount or tracker period set out in your mortgage offer without incurring early repayment charges.

Overpayments/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 overpayments in any amount free from early repayment charges.

If you make an overpayment/lump sum repayment at anytime 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, or at the same time as 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.

Do I have early repayment charges?

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.

When will I receive my annual mortgage statement?

You will receive your annual statement by the end of 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. Please note that this service is chargeable, and the current fee is detailed in our ‘Tariff of Mortgage Charges’.

How is interest charged on my mortgage?

Interest accrues on a daily basis and is charged to your mortgage account in advance on the 1st of each calendar month.

Will you let me know if my rate changes?

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.

How does my tracker rate work?

If your mortgage is on a tracker rate, it will track the London Inter-Bank Offer Rate (LIBOR) and the 1st day of every March, June, September and December will be the “LIBOR adjustment date” for your loan.

At a point, chosen by us (usually around the 12th day of the month preceding each LIBOR adjustment date) we will review the published 3 month LIBOR rate. The rate determined by us (rounded up to two decimal places) will be the interest rate that is applied to your advance from and including that LIBOR adjustment date.

Where the interest rate change affects your monthly payment, your revised payment will start from the LIBOR adjustment date and we will notify you in writing, at least five business days before your new payment is due.

Will I be charged extra interest if my monthly payment is late?

If your monthly payment is received after the first day of the month in which it is due, it will result in additional interest being charged. The only exception to this is where you pay by direct debit and we are unable to collect your monthly payment on the monthly payment day, because that day is not a business day. Additional interest will accrue whether or not we have agreed to receive your monthly payment on any other day as a result of providing forbearance measures.

Can Fleet Mortgages arrange property insurance for me?

Fleet Mortgages don’t provide property insurance so it’s 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.

How can I get advice about my mortgage?

Your mortgage broker will be able to offer you advice about your mortgage. The Money Advice Service also publishes a number of guides about Buy-to-Let which are available free on their website: www.moneyadviceservice.org.uk

Is my mortgage portable?

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.

Are there any services that are not available with my mortgage?

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:

  • Further Advance
  • Second Charge Consent Request
  • Deed of Priority
  • Product Switches
  • Transfer of Equity (to add or remove a party)
  • Term change
If you fail to keep up with payments on your mortgage a receiver of rent may be appointed and/or your rental property may be repossessed.