Everything you need to know about your annual statement
Each year, we provide you with an annual mortgage statement to help you stay informed about your account. This statement gives you a clear overview of your mortgage, including details of your payments, remaining balance, interest rates, and any fees applied over the past year.
We believe in keeping things simple and transparent, so your statement is designed to give you all the key information you need at a glance. If you have any questions about your annual statement or need help understanding any part of it, our Customer Service team are here to help.
We're on a mission to reduce how much paper we use by encouraging our customers to download and read important information online about their statement.
The information on this webpage would normally be sent out via post alongside your annual statement.
We produce over 65,000 statements per year and that's a lot of paper, this is one way we can help reduce the carbon footprint.
It's important that you give consideration to how you'll repay the mortgage balance at the end of your mortgage.
To help you plan, you can download an 'interest only mortgage repayment strategy' form. Please complete the form if you have not done so in the last 12 months and return it to us by post or by email to CustomerServices@foundationlending.co.uk. Alternatively, you can call us to provide the information on 0344 770 8030.
If you've any queries about your mortgage account, please contact us on 0344 770 8030. We strongly recommend that you contact your financial advisor as they're best placed to provide you with personal financial advice and discuss your proposed repayment options.
Your mortgage includes an element which is on an interest only basis.
For this part of your loan, your mortgage payments don't include any savings plan or other investments you may have in place to build up a lump sum to repay this amount.
Common types of repayment include:
- An endowment policy
- Savings/ISAs
- Investment funds
- Selling your property and/or business
- Selling other property
- Tax free lump sums from pensions (for older borrowers)
Staying on top of your finances throughout the life of your mortgage will help you keep on track or even reach your goal sooner. For example, if you feel that an investment is not growing as much as it should, the earlier you address it the better. Or, if you come into some unexpected money, you may choose to put it towards paying off some of the capital of your mortgage before the end of its term.
While it's your responsibility to keep an eye on your repayment plan, we'll support you in any way we can. That means we might ask you to provide up-to-date evidence of your repayment plan every now and again and, if you're not on target, we may be able to help you find a solution.
What if I don’t have a plan in place?
These are some of the repayment plan options available:
- Switching all or part of your mortgage to repayment basis - this will mean that your monthly payment will increase but your mortgage or part of your mortgage will be repaid at the end of the term
- Pay into an investment/savings plan which can be used to pay off the capital at the end of the term
- Make lump sum overpayments
Please contact us on 0344 770 8030 so we can discuss the options. Our phone lines are open between the hours of 9.00am and 5.30pm Monday to Friday.
Worried your payment plan isn't sufficient?
If you've a plan in place but you do not feel it'll cover the amount owed at the end of your mortgage, please call us on 0344 770 8030 and we'll be able to go through the options available to you.
Alternatively, please speak with your Financial Advisor.
If you're worried that you might not be able to keep up with your mortgage payments, please get in touch straight away – the sooner you do, the easier it will be for us to help you.
Please call us on 0344 770 8030 Monday to Friday 9:00am to 5:30pm or visit our money worries page.
Your property may be repossessed if you do not keep up repayments on your mortgage
Please reach out to us straight away if you think you might have difficulty paying your mortgage. This includes if you’re coming to the end of your fixed-rate mortgage deal and are concerned about affording a potential increase in your monthly repayments.
Get more information and options that may be available to you.
Important information
Notifications of changes for Limited Company Accounts
Before any change is made to the structure of a company, such as a change in share structure, shareholding/ownership/people with significant control, change of company name, resignation and/or appointment of a director, please notify us as our consent to these changes may be required. Not providing prior notification of any change to the company is a breach of the terms and conditions of the mortgage conditions agreement and may be considered a default event.
Buildings Insurance
Please ensure that your buildings insurance cover is up to date and maintained in order to meet the requirement of your mortgage terms and conditions, so that the property is adequately insured.
Fees and Charges
Where fees and charges are added to your account, interest will payable at the interest rate applicable on your account. In accordance with the terms and conditions of your mortgage, your monthly payments may be recalculated to include the repayment of the fees and charges over the remaining term of your mortgage, for example, upon an interest rate change. Please be aware, unless or until a recalculation occurs, which may not be for several years (e.g. if you have a current fixed rate) you will not be making any reduction to the fees and charges part of your mortgage balance.
To find out more download our here to support document or visit our money worries webpage.