Existing Borrower FAQ’s
To help give you more information and guidance on our Existing Borrower products, we’ve put together answers to the following Frequently Asked Questions.
What help can I get if I find myself in financial difficulty?
At The Loughborough we understand that peoples circumstances change, and we’ll do everything we can when we know you’re having problems.
If you’re struggling to meet your monthly repayments, it’s important you let us know. Just email email@example.com or give us a call on 01509 631952.
Our Mortgage Services Team is currently available from 10:00 to 15:00 Monday to Friday.
You can also get free, confidential and impartial advice from an independent organisation, see the list below:
Payplan – 0800 280 2816 www.payplan.com
National Debtline – 0808 808 4000 www.nationaldebtline.org
Advice UK – You’ll need to locate the number of your local advice centre from the phone book or via this link www.adviceuk.org.uk
Step Change Debt Charity – 0800 138 1111 www.stepchange.org
Citizens Advice Bureau – You’ll need to locate the number of your local bureau from the phone book or via this link www.citizensadvice.org.uk
Please be aware that there are companies that charge a fee for managing your debts. If you intend using the services of on of these companies you should find out about any charges which may be applicable and fully understand any agreement terms.
If I move house, can I take my current mortgage with me?
If you move house you may be able to transfer your current mortgage to your new house, subject to meeting the Society’s lending criteria. This is called ‘porting’ and will be shown in your product information sheet and in your Mortgage Offer conditions. If you need a larger mortgage, you may be able to borrow the extra funds required on any of the Society’s mortgage products available at that time, subject to meeting the terms and conditions of the mortgage product and our lending criteria.
Call us on 01509 631950 to talk to one of our friendly advisers or email firstname.lastname@example.org.
What happens if I’ve made a mortgage payment after my mortgage has been redeemed?
A refund will be sent to your acting solicitor for them to forward on to you. In most cases, where solicitors deal with redemption of a mortgage, the borrowers have moved house and the Society will not have a record of the new address. If the overpayment was in the form of a direct debit payment, your bank may be able to arrange to recall the payment for you immediately under the terms of the ‘Direct Debit Guarantee scheme’. Your bank will be able to supply you with further details.
What happens to the title deeds to my house once I have redeemed my mortgage?
Once you’ve paid off your mortgage, you can collect your deeds from one of our branches. If you’re unable to visit a branch, we’ll send your title deeds to you by registered post.
I want to redeem my mortgage – are there any charges or fees to pay?
That’ll depend on the type of mortgage product you have. Most products do have an Early Repayment Charge during the initial incentive period (e.g. fixed or discounted rate), a smaller number have additional Early Repayment Charges after the incentive period.
In all cases, we’ll charge interest to the day of redemption upon full redemption of your mortgage.
We also charge administration fees. Details of all our current charges can be found in our Tariff of Charges.
What charges might apply to my mortgage account?
Charges may apply when you ask for certain changes to be made to your account, request specific documents or when your account is in arrears. This is to cover the Society’s additional costs in administering your account. If you wish, you can choose to add these charges to your mortgage account. However, you should consider carefully before adding any charges to your mortgage as these will incur interest charges at the rate of interest applicable to your mortgage account.
Details of our current charges can be found in our Tariff of Charges.
Can I change the repayment method on my mortgage?
This may be possible subject to certain criteria.
If you transfer your mortgage to an interest only mortgage, your mortgage payments won’t include the costs of any repayment plan* needed to repay the amount borrowed plus any interest that may have accrued.
* It is your responsibility to regularly check the performance of any investment you plan to use to repay your mortgage, to see whether it’s likely to be adequate to repay the capital and, where applicable, pay the interest accrued at the end of the term of the mortgage contract. The Society will need you to confirm your repayment plan which must meet the Society’s Lending Criteria.
Can I remove or add a name to my mortgage account?
If you need to remove or add a name from your mortgage you’ll need to contact the Mortgage Advice team on 01509 631950 or email email@example.com.
What if I need to change the terms of the mortgage?
If you need to change the term of your mortgage, add or remove a borrower, change your repayment method or update us on any other changes please contact us on 01509 631950 to speak to one of our friendly advisers.
Can I borrow more to improve my home?
If you want to improve your home or raise money for other eligible reasons we’re here to help you.
Just call us on 01509 631950 to talk to one of our friendly qualified Advisers or you can request a call-back at a time convenient to you.
Are there any fees when switching to a new deal?
Depending on the mortgage product taken, there may be a product fee to pay. If you wish, you can choose to add the fee to your mortgage account.
What happens at the end of the discounted or fixed rate period?
When your initial fixed or discounted rate is nearing the end of its term, as part of our commitment to provide our members with long term value, we’ll contact you to let you know about member exclusive product offers which will be available for you to switch to. If you decide not to take up the offer of a new product, your rate will revert to our standard variable rate for the remaining mortgage term.
Can I change the name/s on my mortgage account?
Yes. If you need to change the name/s on your mortgage, for example in the event of divorce, marriage or you have changed your name by deed poll, you’ll need to send a certified copy of your marriage certificate or a certified copy of the Deed Poll document or a certificated copy of your Decree Absolute to the Society and your account will be amended.
Can I change my payment date if I pay by Direct Debit?
Yes. In general it’s possible to change your direct debit to be paid on the day you prefer. You must still make a payment within the same month and generally before the 28th to ensure your payment reaches us in good time.
Our collection dates range from the 1st to the 28th of the month.
I’m in the Armed Forces, can I rent out my house while I’m posted overseas?
Yes, The Loughborough is committed to supporting the Armed Forces Covenant.
I’m not in the Armed Forces, can I rent out my house?
Yes, it may be possible. However, your mortgage will need to fit certain criteria and your circumstances will need to be fully assessed before a decision can be made.
You must always advise us and obtain our written permission before you rent out your property.
If you have a question which is not answered in the above FAQ’s or if you require any further information or guidance, please get in touch here.