Mortgages FAQs


Changes to selected Variable Mortgage Interest Rates 

Important changes to selected variable rate mortgages 

From Tuesday 1 November 2016, The Nottingham’s Standard Variable Rate (SVR), Variable Mortgage Rate (VMR), Flexible Variable Rate (FVR)  and Buy to Let Variable Mortgage Rate (BTL VMR) will be reduced by 0.25% for existing mortgage customers.

Borrowers affected by the decrease will see a change in their mortgage payments from Tuesday 1 November 2016, and will receive a letter in advance notifying them of their new interest rate and monthly payment.

What are the new rates?

Description Current rate New rate Effective date for existing borrowers
Standard Variable Rate 5.74% 5.49% Tuesday 1st November 2016
Variable Mortgage Rate 5.74% 5.49% Tuesday 1st November 2016
Flexible Variable Rate 5.60% 5.35% Tuesday 1st November 2016 
Buy to Let Variable Mortgage Rate 6.54%
6.29% Tuesday 1st November 2016 

What does this mean for me?

This depends on the type of mortgage you have.

If you have a fixed rate mortgage, your interest rate and your repayments won’t change. Your interest rate may change in the future after your fixed term ends. 

If you have a discounted rate mortgage which is linked to either the Society’s Standard Variable Rate (SVR), Variable Mortgage Rate (VMR), Flexible Variable Rate (FVR) or Buy to Let Variable Mortgage Rate (BTL VMR), your interest rates and monthly mortgage payments will be affected as a result of the changes. 

If you are on our SVR, VMR, FVR or BTL VMR your interest rate and monthly mortgage payments will be affected as a result of the changes.

If you have a tracker rate mortgage linked to the Society’s Tracker Mortgage rate (TMR) , your interest rate and your monthly payments will not be affected as a result of these changes. Your interest rate is linked to the Bank of England base rate and will change whenever the base rate changes.

How will I know if my rate and monthly payments are changing?

If you are affected by the changes, we will confirm your new interest rate and monthly payments by letter. If you have not received your letter by Wednesday 26th October, please contact us.

Will I need to change my direct debit?

No. We will automatically request the new monthly payment from your bank.

Will I need to change my standing order?

Yes. As you control the amount and frequency of the standing order, you will need to contact your bank or building society immediately to make the changes stated in your letter. If you do not update your payments, you will not be making the correct monthly mortgage payments. Your account may fall into arrears and charges may apply.

I don’t currently pay my mortgage by direct debit but I would like to. How do I set up a direct debit?

Please print off, fill in and return a direct debit form.

My interest rate is going down so I can afford to pay more every month. Can I arrange to make overpayments?

Yes, but please check your terms and conditions to make sure the overpayments won’t incur any Early Repayment Charges. If you are unsure, please contact our Customer Service Team on 0344 481 1224. Please make sure that you have your mortgage account number to hand as this will help us to identify you. You will need to instruct us or your bank or building society to change your Direct Debit amount.

I have just received my mortgage offer. Will I get another one?

No. We don’t send out new mortgage offers following a change in mortgage rates. We’ll send out a letter which will detail any changes to the rate that you pay and the effect on your monthly mortgage payment once you complete on your mortgage application.

I have received more than one letter about changes to payments on my mortgage. Which is correct?

The letters that you have received will be as a result of activity that has happened and will happen on your account. If you read the letters in date order, the last letter will show the correct payment. If you are unsure, please contact our Customer Service Team on 0344 481 1224. Please make sure that you have your mortgage account number to hand as this will help us to identify you.

Why is my mortgage split into sub-accounts?

Using sub-accounts helps us to manage the different parts of your mortgage, which may have different interest rates and terms.

I don't understand the changes to my monthly mortgage payments

Please call our Customer Service Team on 0344 481 1224. We’ll be happy to answer any questions you may have about your mortgage payments. Please make sure that you have your mortgage account number to hand as this will help us to identify you.

I'm finding it difficult to pay my mortgage

If you are worried about keeping up with your mortgage payments you should contact us straight away so that we can give you the help you need. Please call our Payment Support Team on 0115 9564670 (opening hours are Monday – Friday 9:00 – 17:00). Please make sure that you have your mortgage account number to hand as this will help us to identify you.

I have fallen behind with my monthly payments and I have an agreed payment arrangement - do I need to do anything?

Any arrangement agreed with us will stay in place until the end of the agreed arrangement period. However, the amount may change depending on what type of arrangement you have. Your new monthly payment including any arrangement will be shown in the letter which we have sent to you.

If your arrangement is to pay less than your contractual monthly payment, the amount you owe will increase and you will be charged more interest.

If you would like to discuss your arrangement in more detail, please contact our Payment Support Team on 0115 9564670 (opening hours are Monday – Friday 9:00 – 17:00). Please make sure that you have your mortgage account number to hand as this will help us to identify you.


I had a fixed payment arrangement to pay a different amount to my contractual monthly payment. Why has this been cancelled?

If your new contractual monthly payment is higher than the fixed payment arrangement you had in place, it will be cancelled to make sure you continue to make the minimum payment required each month. If you would like to set up a new fixed payment arrangement, please contact our Payment Support Team on 0115 9564670 (opening hours are Monday – Friday 9:00 – 17:00). Please make sure that you have your mortgage account number to hand as this will help us to identify you.

If you pay by standing order, you should contact your bank or building society to change your payment so that you cover the new contractual monthly payment.


My monthly payment/part of my monthly payment is paid by the Department of Work and Pensions. What should I do?

The Department for Work and Pensions (DWP) does not always change the amount of benefit to be paid when interest rates change. Please continue to pay your current payment for the time being. We will write to you shortly to let you know your new mortgage payments. If you would like to speak to us, please contact our Payment Support Team on 0115 9564670 (opening hours are Monday – Friday 9:00 – 17:00). Please make sure that you have your mortgage account number to hand as this will help us to identify you.

I would like to review my mortgage. Who can I speak to?

You can speak to a mortgage adviser within our Central Mortgage Team. Please call us on 0344 481 1224. Please make sure that you have your mortgage account number to hand as this will help us to identify you.

I haven't been able to find the answer to my question. What should I do?

You can call our Customer Services Team on 0344 481 1224. Please make sure that you have your mortgage account number to hand as this will help us to identify you.

Existing mortgage customers

Can I change how I repay my Interest Only mortgage or Capital and Interest mortgage (also known as Repayment)?

Please contact us on 0344 481 4444 to discuss this.

Can I change my monthly mortgage payment date?

Yes, please call us on 0344 481 4444 and we will arrange this for you..

Can I change the bank account I pay my mortgage from?

Yes, you can download the Direct Debit form by clicking here.

Can I change the term on my mortgage?

Please contact us on 0344 481 4444 to discuss this.

Can I have details of interest paid on my mortgage from the last financial year for the Inland Revenue?

Yes, please call us on 0344 481 4444 and we will arrange for a certificate of interest to be sent to you.

Can I make over payments on my mortgage account?

Please call us on 0344 481 4444 to discuss this.

Can I rent out my property?

We can sometimes agree to this, please contact us on 0344 481 4444 to discuss this further.

How can I pay my monthly mortgage amount?

Our preferred method is Direct Debit. Click here to print off a form. If you do not wish to pay by Direct Debit, you can make payment at any of our branches.

Alternatively, you can pay via internet or telephone banking, if your bank account is set up for this.

Our bank details are:
NatWest Bank Sort code: 60-80-09
Account number: 96875364

Please ensure that you quote your mortgage account number as the 'reference' – your payment will not reach your mortgage account if you don’t.

Please allow three working days for your payment to reach your mortgage account.

My current mortgage product has come to an end, do you have other products available for existing mortgage customers?

Yes, we have a wide range of products available for existing mortgage customers. Please call us on 0344 481 4444 to discuss these.

What is the minimum capital payment I can make?

The minimum payment is £500. Please ensure you state this is a capital payment to ensure it is recorded on your account.

When I make a capital payment when is the interest re-calculated from?

The interest is re-calculated from the day following the capital payment.

When is the best time to make a capital payment?

You can make a capital payment at any time during the year. There is no need to delay making a capital payment until the last day in the year, as interest is calculated from the following day after the capital payment is received.

If a Direct Debit has been taken after I redeemed my mortgage, when will this be returned to my bank?

It will normally take six working days from the date that the Direct Debit was credited to the mortgage. An overpayment usually takes three working days to reach a bank account, once the payment has left us.

If I have an annual interest account, why do I have to pay interest to the end of the month?

Please refer to the leaflet ‘Mortgages – general conditions’ which explains how annual interest is calculated, or call us on 0344 481 4444.

When will the last mortgage payment be collected prior to redemption?

Please call us on 0344 481 4444 to discuss this.

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

You are a valued customer

As an existing customer we want to continue doing business with you. Whatever your mortgage needs, our advisers can help.

Keep in touch

Our monthly newsletter is full of interesting information for our customers. As well as the latest news and events from your Society, it includes information about new products, competitions and money-saving tips.

Join us on Facebook

Get updated on our latest competitions and share your news with us.