Mortgage Account Terms and Conditions update
We are updating our Mortgage Terms & Conditions with effect from 01 October 2025.
These changes are being made ahead of our upcoming system changes.
Here’s a summary of what’s changing
| What’s changing? | What do the changes mean? |
| Document format and language | Updated format and language to make the document easier to understand. |
| Monthly payment dates | We’ve increased the options available if you would like to change your monthly payment date. |
| Payment date changes | We’ve introduced a minimum 1 month notice period, should we need to change your payment date. |
| Payment restrictions | We will no longer accept payments to your account which are not sent from a UK bank or building society. Payments must also be made in pound sterling. |
| Joint accounts | We’ve clarified how your membership of the society is impacted if you hold a joint account. |
| Making payments | We’ve clarified that payments to your account may be refused or delayed if they are suspected to be breaking law, regulation or support money laundering activity. |
| Payment allocation | We’ve clarified how your monthly payment will be allocated to your account, should we not receive the full payment. |
| Interest calculations | Interest will be added to your outstanding balance on the date your monthly payment is due.
Your first monthly payment will only include the interest charged between the day your mortgage starts and when you make your first payment. |
| Reasons why we might increase your interest rate | We have clarified the reasons in which we will be able to increase the interest rate we charge, subject to the terms in your mortgage offer. |
| Interest rate notice period | We’ve introduced a 14 day notice period, should we increase your interest rate. |
| Charges | Where a charge or fee is added to your mortgage balance, this will become payable the month after the charge or fee is added. We will provide confirmation of what your new monthly payment will be. |
| Offset | We’ve included conditions related to the Offset flexible feature, which may be applicable, subject to your mortgage offer. |
| Reasons why we might close your account | We’ve clarified the reasons in which we will be able to ask you to repay the mortgage in full. |
| Action we may take | We’ve clarified that should we take possession of the property, interest will continue to be charged until the property has been sold. |
| Future changes to these terms | If we make a change to our terms in future which is to your advantage, these can be done with immediate effect with notices detailed within our offices and website. Otherwise, we will generally give you 30 days’ notice before changes come into effect. |
| How we use your personal data. | We’ve clarified how we will use your personal details. |
| Account offering | We’ve clarified that we only offer mortgages to those who reside in the United Kingdom. |
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Updating your details |
We introduced that identification documents can be requested at any time, whilst you hold an account with us, to help meet our legal and regulatory requirements and to keep your account safe.
We have also clarified that you must tell us as soon as possible if you change your: · Name · Address · Telephone number · Email address |
| Society Membership | We’ve clarified when you become a member of the society and if your account is joint, who will become the Representative Joint Borrower. |
Frequently asked questions
Do I need to confirm I am happy with the changes?
No, unless we hear from you, we’ll take it that you’re happy to accept the changes. If you are not happy to accept the changes, please contact us and we can discuss the next steps.
Will I get a notification for each of my mortgage accounts?
Due to the changes, we are not issuing a personal notification. A summary of the changes made and the updated terms and conditions can be found on our website.
