The following information is for use when using Redress ManagerŪ as a guide to how and what payment / interest figures are used by the various lenders. No guarantees or warranties are given in respect to the accuracy of this information.

 

It should be noted that balances on repayment mortgages may not reach zero for certain lenders. This is as a result of the last payment not being made due to payment conditions (e.g. week day or end of month).

 

Bank of England Base Rate interest rate table - This is the bank base rate

Bank of England (Effective 1st Next Month) interest rate table (Base Rate to take effect from the 1st of the following month)

 

Where a lender operated a claw-back system, please note that Redress ManagerŪ will ignore this on split loans.

 

We have sourced some of our standard variable rates from the MoneyFacts group.

 

This information is not to be copied or distributed in whole or part without the written consent of Exasoft Plc.

 

 

Abbey National - 4 variants of this.

 

Abbey National

Payment changes when MIRAS / interest rate changes

 

 

 

 

Abbey National (Annual)

Payment changes annually

 

 

Note: This is the old National & Provincial building society scheme

 

 

 

Abbey National (Constant Net)

Payment changes when MIRAS / interest rate changes on a net MIRAS basis

 

 

 

 

Abbey Nat Mrtge Finance

All new Abbey mortgages since May 2001 use this method (Abbey National Mortgage Finance)

 

 

Payment changes month after interest rate change

 

 

 

 

Interest rates

Abbey National

Mortgages less than 60,000

 

Abbey National 60K

Mortgages of 60,000+ but less than 100,000

 

Abbey National 100K

Mortgages of 100,000+

 

Abbey Nat Mrtge Finance

Standard variable rate

 

ANMF Base Rate

As BOE base rate but changes effective from 3RD of the following month

 

Note: Mortgages starting prior to 8/11/2000 used the above rates, mortgages after this date used the less than 60,000 rate. Mortgages starting in May 2001 should use the Abbey Nat Mrtge Finance lender / rate table(s).

 

Alliance and Leicester

 

            Payment changes when MIRAS / interest rate changes

            Repayment term calculated on an annual basis

 

Alliance and Leicester (Net)

 

            Payment changes when MIRAS / interest rate changes on a NET MIRAS basis

            Repayment term calculated on an annual basis

 

Alliance & Leicester (Monthly)

 

            Payment changes when interest rate changes

 

Bank of Ireland

 

            Payment changes when MIRAS / interest rate changes

 

Bank of Scotland (all other)

 

            Payment changes when MIRAS / interest rate changes and then changes monthly, if required

 

Bank of Scotland (branches) - mortgages taken out at branch

 

            Payment changes when MIRAS / interest rate changes

 

Barclays (branches) - mortgages taken out at branch

 

            Payment changes when MIRAS / interest rate changes

 

Barclays (central)

 

            Payment changes when MIRAS / interest rate changes

            Until 2000 annual interest balance

 

Barnsley BS

 

            Payment changes when MIRAS / interest rate changes

 

Birmingham Midshires

 

            Payment changes month after MIRAS / interest rate changes

 

Birmingham Midshires (Annual)

 

            Payment changes annually

 

Bradford and Bingley

 

            Payment changes annually

 

Bristol and West

 

            Payment changes when MIRAS / interest rate changes

 

Britannia BS

 

            Payment changes when MIRAS / interest rate changes (same as Britannia BS (Annual) until 2000)

            Daily interest balance

 

Britannia BS (Annual)

 

            Payment changes when MIRAS / interest rate changes

 

C&G

 

            Payment changes when MIRAS / interest rate changes

 

C&G (Annual)

 

            Payment changes annually

 

Chelsea BS

 

            Payment changes annually

 

Cheshire BS

 

            Payment changes when MIRAS / interest rate changes

 

Cheshire BS (Daily) - From 2002

 

            Payment changes when MIRAS / interest rate changes

            Daily interest balance

 

CIS

 

            Payment changes when MIRAS / interest rate changes

            Over / under payments accrued and applied manually

 

Interest rates

CIS (direct debit)

Customers paying by direct debit

 

CIS

All other customers

 

 

Coventry BS

 

 

            Payment changes when MIRAS / interest rate changes (same as Coventry BS (Annual) until 2000)

            Daily interest balance

 

Interest rates

Coventry BS

Standard customers

 

Coventry BS (Privilege)

Customers been with society for so many years

 

Coventry BS (Annual)

 

            Payment changes when MIRAS / interest rate changes

 

Interest rates

Coventry BS

Standard customers

 

Coventry BS (Privilege)

Customers been with society for so many years

 

Darlington BS

 

            Payment changes when MIRAS / interest rate changes

 

Derbyshire

 

            Payment changes when MIRAS / interest rate changes

 

Dunfermline

 

            Payment changes when MIRAS / interest rate changes

 

Dunfermline (Annual)

 

            Payment changes annually

 

Halifax

 

            Payment changes when MIRAS / interest rate changes

 

Interest rates

Halifax

Higher variable rates (most clients on this)

 

Halifax (lower SVR)

Lower variable rate (some clients on this)

 

Halifax (Budget Plan)

 

            Payment changes annually (1 April and then Annually)

 

Interest rates

Halifax

Higher variable rates (most clients on this)

 

Halifax (lower SVR)

Lower variable rate (some clients on this)

 

Halifax (Daily)

 

            Payment changes when MIRAS / interest rate changes

            Daily interest balance

 

Interest rates

Halifax

Higher variable rates (most clients on this)

 

Halifax (lower SVR)

Lower variable rate (some clients on this)

 

Halifax (Pre-92 Budget Plan)

 

            Payment changes annually (sometimes a different month)

 

Interest rates

Halifax

Higher variable rates (most clients on this)

 

Halifax (lower SVR)

Lower variable rate (some clients on this)

 

IF - offset mortgage

 

            Payment changes when MIRAS / interest rate changes

            Discount given for first 3/6 months (to be entered via adjustments)

 

Ipswich BS

 

            Payment changes month after MIRAS / interest rate changes

 

Ipswich BS (Annual)

 

            Payment changes month after MIRAS / interest rate changes

 

Hinckley and Rugby

 

            Payment changes when MIRAS / interest rate changes

 

Hinckley and Rugby (Daily)

 

            Payment changes when MIRAS / interest rate changes

            Daily interest balance

 

HSBC (Previously Midland (HSBC))

 

            Payment changes month after MIRAS / interest rate changes (previously month of change)

 

Interest rates

HSBC Variable (initial discount)

 

 

HSBC Standard Variable Rate

Mortgages less than 50,000

 

HSBC_50K+ Standard Variable Rate

Mortgages of 50,000+ but less than 100,000

 

HSBC_100K+ Standard Variable Rate

Mortgages of 100,000+ but less than 250,000

 

HSBC_250K+ Standard Variable Rate

Mortgages of 250,000+

 

Leeds and Holbeck

 

            Payment changes when MIRAS / interest rate changes (until 2000 same as Leeds and Holbeck (Annual))

            Daily interest balance

           

Leeds and Holbeck (Monthly)

 

            Payment changes when MIRAS / interest rate changes

 

Leeds and Holbeck (Annual)

 

            Payment changes annually

           

Leeds Permanent

 

            Payment changes when MIRAS / interest rate changes

 

Leeds Permanent (Daily)

 

            Payment changes when MIRAS / interest rate changes

            Daily interest balance

 

Leek United BS

 

            Payment changes when MIRAS / interest rate changes

 

Lloyds

 

            Payment changes month after MIRAS / interest rate changes (Daily interest from 2001)

 

Marsden BS

 

            Payment changes month after MIRAS / interest rate changes

 

Melton Mowbray BS

 

            Payment changes month after MIRAS / interest rate changes

 

Melton Mowbray BS (Daily)

 

            Payment changes month after MIRAS / interest rate changes

 

Mercantile BS

 

            Payment changes month after MIRAS / interest rate changes

 

Monmouthshire BS

 

            Payment changes month after MIRAS / interest rate changes

 

Nationwide

 

            Payment changes when MIRAS / interest rate changes

 

Interest rates

Nationwide

Old variable rates

 

Nationwide (lower BMR)

Lower base rate (SVR clients now on this)

 

Nationwide LLD 60K+

Large loan discount 60k +

 

Nationwide LLD 120k+

Large loan discount 120k +

 

Nationwide (Annual)

 

            Payment changes annually

 

Interest rates

Nationwide

Old variable rates

 

Nationwide (lower BMR)

Lower base rate (SVR clients now on this)

 

Nationwide LLD 60K+

Large loan discount 60k +

 

Nationwide LLD 120k+

Large loan discount 120k +

 

Natwest

 

            Payment changes when MIRAS / interest rate changes

 

Newbury BS

 

            Payment changes month after MIRAS / interest rate changes

 

Newcastle

 

            Payment changes annually

 

Newcastle (Daily)

 

            Payment changes when MIRAS / interest rate changes (until 2001 was same as Newcastle)

 

Interest rates

Newcastle BS

Standard rates

 

Newcastle BS Loyalty (Daily)

Loyalty rates based on time as a customer

 

Newcastle (regulated)

 

            Payment changes when MIRAS / interest rate changes

 

Northern Rock

 

            Payment changes when MIRAS / interest rate changes

 

Interest rates

Northern Rock

Standard rates

 

Northern Rock Loyalty

Loyalty rates based on time as a customer

 

Norwich and Peterborough

 

            Payment changes annually

 

Norwich and Peterborough (Daily)

 

            Payment changes annually

            Daily interest balance

 

Portman BS

 

            Payment changes when MIRAS / interest rate changes (until 2000 same as Portman BS (Annual))

 

Portman BS (Annual)

 

            Payment changes annually

 

Principality BS

 

            Payment changes when MIRAS / interest rate changes (until 2000 same as Principality BS (Annual))

            Daily interest balance

 

Principality BS (Annual)

 

            Payment changes annually

 

Principality BS (Flexible)

 

            Payment changes 6 monthly

            Daily interest balance

 

Royal Bank of Scotland

 

            Payment changes when MIRAS / interest rate changes

 

Saffron Walden

 

            Payment changes when MIRS / interest rate changes (until 2001 Annual)

 

Saffron BS (Daily)

 

            Payment changes when interest rate changes

 

Skipton

 

            Payment changes when MIRAS / interest rate changes

 

Staffordshire BS

 

            Payment changes when MIRAS / interest rate changes

 

Standard Life

 

            Payment changes when MIRAS / interest rate changes

 

Teachers BS

 

            Payment changes when MIRAS / interest rate changes

 

TSB

 

            Payment changes when MIRAS / interest rate changes

 

UCB Home Loans

 

            Payment changes when MIRAS / interest rate changes

            To be used for deferred/stabilised cases ONLY

 

UCB Standard

 

            Payment changes when MIRAS / interest rate changes

 

West Bromwich BS

 

            Payment changes when MIRAS / interest rate changes

 

Woolwich

 

            Payment changes when MIRAS / interest rate changes

            Daily interest balance

 

Woolwich (Annual)

 

            Payment changes annually

 

Woolwich (Open Plan)

 

            Payment changes when MIRAS / interest rate changes

            Daily interest balance

 

Yorkshire BS

 

            Payment changes when MIRAS / interest rate changes

 

Yorkshire BS (Annual)

 

            Payment changes annually

 

Yorkshire BS (Half Annual)

 

            Payment changes every 6 months

Related Topics

Appendices