Bristol & West Mortgages

What is a loan review?

A loan review is a review that takes place when your mortgage rate changes, as a result of your rates' promotional period ending. This review provides you with details of your mortgage, but will not cover any additional arrangements that you have made with Bristol & West Mortgages, e.g. your insurance.

Why is my rate changing?

The lifetime of a mortgage product can either start when the product launches, or when the rate transfer completes. Alternatively, your product may have had a specific end date, which has now been reached. But don't worry, we will always advise you when your mortgage has reached one of these key dates, if they apply, and change your mortgage rate. If you were on a variable rate product, linked to our Standard Variable Rate, or the Bank of England Base rate and the rates change, we will inform you of the changes that will affect your mortgage.

How do I apply for a new mortgage rate?

At Bristol & West Mortgages we offer all our existing customers a range of new mortgage deals. And, because we already have your details you don’t have to go through the whole application process again here online. You can simply call one of our Mortgage Specialists on 0800 953 8888* to discuss your requirements.

What is the difference between a Standing Order and a Direct Debit?

A Direct Debit is a fully automated process, which we are in control of, whilst Standing Orders are controlled by your bank according to your instructions. A Direct Debit collects the exact amount required each month, even if your payment varies. A Standing Order, on the other hand, will need to be amended by you and your bank every time your payment changes.

Can I increase or decrease my monthly payments?

Yes - As long as your mortgage is on a repayment basis and you are not in a promotional rate period, you can change your payment and reduce, or increase, the term of your mortgage. We charge an administration fee of £25.00; this covers the recalculation of the payment and term (not applicable on flex accounts). Please see our Guide to Mortgage Charges for more details.

Can I fix my monthly payment to a set amount each month?

Yes - Providing your mortgage is held on a repayment basis and is not during a promotional rate period. Remember that the level of payment you make will effect the term of your mortgage. We charge an administration fee of £25.00; this covers the recalculation of the payment and term (not applicable on flex accounts). Please see our Guide to Mortgage Charges for more details.

It's important to remember that future interest rate changes will mean that your payment will recalculate, so we can't fix your payments indefinitely. We can adjust your payments again following a rate change, but this will be subject to a further administration fee (not applicable on Flex Accounts). Please see our Guide to Mortgage Charges for more details.

What can I do if I am struggling to maintain payments?

If you encounter any problems then please get in touch. Please call our Mortgage Collections team on 0117 943 6599, or email Mortgage Collections.

How often can I expect a statement of my mortgage account?

Your statement is normally sent to you free of charge every April. However, if your mortgage was previously held with the Cheshunt Building Society then your statement will be sent in January. If you have a flex product, you may receive monthly statements; see flex accounts for more details.

Can I get copies of statements from previous years?

Yes you can, but there is an administration charge of £20.00 per copy statement.

Do I have to pay the admin charge if I only need a breakdown of my monthly payments?

No. We can produce interim mortgage statements without charging you. But please note that these will not show the balance outstanding on the account.

Can I order an interest only statement?

Yes, this is called a Miras 5. To order one, please call Mortgage Services on 0117 943 2006*. Again, there is an administration fee of £20.00 per copy.

What do you mean by the term redemption?

Redemption is when a borrower pays off in part, or in full, all current mortgage accounts held against the property.

What are early repayment charges?

If you redeem your rate, or want another rate, during the promotional rate of your mortgage deal, we have to buy ourselves out of the contract we have made with the money markets. This cost is known as the early repayment charge (ERC) and is paid by you. These ERCs may vary from product to product, and an administration fee may also be payable (details below).

Can I send a cheque to fully redeem my account, and if so do I need to add any interest for the delay in it being cashed?

Yes, we can accept a cheque, as long as the mortgage account number is quoted on the reverse. We are happy to honour your cheque as it is dated; so we do not penalise you for any delays due to postage. Please send any cheques payable to Bristol & West Mortgages to: Mortgage Services, Bristol & West Mortgages, PO Box 27, One Temple Quay, Bristol, BS99 7AX.

What are the fees and charges for full repayment and rate transfers?

• If we send you an Offer of Loan please read it carefully to see if there are any early repayment charges payable if you repay all or any part of your loan before the end of the early repayment charge period
• We charge new customers a lending fee of £195. The fee becomes due on completion but you can defer payment until the mortgage is fully repaid. If you have deferred payment of the lending fee you must also pay this when you repay the whole loan
• When you repay the whole of the loan you must pay us any mortgage release fee that we charge at the time of full repayment. If you have deferred payment of the lending fee you must also pay this
• For existing customers, the amount of the mortgage release fee depends on when your mortgage completed and whether we have since agreed with you to change any terms and conditions that apply. Please contact us for more details. The maximum fee we currently charge is £195.00. For new customers, no mortgage release fee is currently payable but your terms and conditions will say we have the right to impose this fee in the future

Can I get a redemption quotation over the telephone?

Unfortunately not; we can only provide redemption statements in writing. Please call Mortgage Services on 0117 943 2006* to request a statement.

Will you keep my deeds following redemption?

No. Sadly we don't have the facility to offer storage of your deeds after you redeem your mortgage. If you pay off your loan directly with us, we will ask you to complete a 'Deeds Release Authority Form'. We will then issue you your deeds 4-6 weeks after the redemption of the loan.

How much extra money could I borrow?

Standard and Self Cert customers can borrow up to £500,000 more. This is subject, of course, to meeting underwriting requirements. Buy To Let customers can also borrow up to £500,000 more. However, your rental income must still meet our Rental Cover Criteria. For Fixed Rate deals above 3 years this is 100% of your new, increased monthly repayment. For Fixed Rate deals of less than 3 years and also for Tracker Rates this is 118% of your new, increased monthly repayment. The Rental Cover figure you use should be the one declared when you applied for your original mortgage, and in many cases proof of income is still not required.

Is there any restriction on what I can borrow the money for?

Only if you are a Buy To Let Customer. (Standard and Self Cert customers have no restrictions.) If you are a Buy To Let customer and your further borrowing is less than £25,000 the money must be put towards the purchase or refinance of a new rental property, or for improvements to your existing one. If your further borrowing is above £25,000 these restrictions do not apply and the lending can be for any purpose.

Will I have to get my property re-valued?

In most cases where your last valuation was within 5 years, a new valuation is not necessary as we will be able to use the House Price Index (HPI) to give an indication of its worth. If the Loan To Value (LTV) is less than 75%, no revaluation fee will be charged. If the LTV is over 75% a revaluation fee may be charged. If your most recent valuation was above 5 years ago, a new valuation may be needed and a revaluation fee will also be charged.

What length of time can I borrow the money for?

Anything from one year up to the remaining term of your current mortgage.