Existing mortgage borrowers.

If you’re looking to amend your mortgage contract in order to remove or add a named party you will need to contact us and outline your requirements. A new application will be required to remove or add a borrower to an existing mortgage. Please contact us  to discuss further.

You will need to prepare supporting information as we will ask for evidence to show all forms of income, existing credit commitments and typical levels of expenditure.

When you make an overpayment your mortgage balance will reduce immediately by the amount paid. Interest is calculated daily, so this means that you will start saving interest straight away.  

Depending on the amount you overpay, and the type of mortgage you have, you may have to give us more instructions on how this overpayment will affect your mortgage. For more information, see our overpayments page. 

Depending on your product, you may be able to overpay without incurring an Early Repayment Charge (ERC). Your most recent mortgage offer will contain details of any ERCs attached to your product, and any overpayment allowances included.  

If the mortgage is repaid in full during the product period, the full ERC based on the original balance would apply. For more information, see our overpayments page. 

If you have legally changed your name, we will need to update our records. To do this please contact us on 01473 278511 or by email at [email protected].

You can have a different correspondence address to your mortgaged property address. If you want to change your correspondence address we will require a signed (wet) signature, please give us a call on 01473 278511 or complete our enquiry form. If you are changing your correspondence address because you wish to rent out your house, you will need the Society’s consent to do so. We are more than happy to talk it through with you.

If you have a mortgaged property with us on a residential basis and wish to rent it out, either to long-term tenants or for holiday let guests, you will need to speak to us first in order to change your mortgage contract. Depending on the circumstances this may include switching your mortgage to a buy to let or holiday let mortgage deal.

Your residential property must not be let out without the Society’s approval. Letting your residential property without the Society’s consent is a breach of your mortgage conditions.

Before you took out your mortgage product you will have been given a personalised mortgage offer, which gives full details about your mortgage deal and outlines the set product period and any penalties or Early Repayment Charges which may apply if you repay or redeem your mortgage early.

Please contact us for confirmation of a redemption figure, how to avoid overpaying and to confirm any additional information.

We’ll get in touch with you prior to the end of your current mortgage product to let you know when you’re eligible to switch. This will usually be around three months before the end date of your product.

If you take no action when your mortgage product expires, you will either revert to our Standard Variable Rate (SVR), or to a discount variable rate that tracks our SVR. You’ll need to refer to your mortgage offer to see which rate you will revert to.

If one of the named parties on the mortgage is unable or unwilling to pay their share of the mortgage after divorce, you may be pursued by the lender for a higher percentage, or all, of the mortgage payments. Whilst this may impact your finances in the short term, not making the full payments due may also have long term effects for the credit profile of both named borrowers, regardless of the status of your relationship, and could result in you being turned down for future mortgage applications or credit agreements.

If you are concerned your payments may not be made on your existing mortgage you will need to contact your mortgage lender as soon as possible. If you have a mortgage with Suffolk Building Society please visit our problems paying your mortgage page or get in touch now.

You’ll need to work out your loan to value, also known as LTV, which is the ratio of how much you need to borrow against the value of your home. If your home has increased in value you may be able to access a lower LTV band, which usually makes for more competitive interest rates. Conversely if your home has dropped in value, or you’re needing to increase your mortgage balance, you may move to a higher LTV tier.

Our mortgage finder includes a quick loan to value calculator and will be able to show you our currently available remortgage products.

Our annual mortgage statements are produced on 30 November and are posted to you by the end of December each year. This is a full statement of your mortgage account showing all payments received and charges made between 1 December and 30 November. You can request a duplicate or interim statement but this will be subject to a fee. View our tariff of mortgage charges for more information.

These are available upon request. The first copy will not incur a fee, but replacement copies are chargeable. View our tariff of mortgage charges for more information.

If you are worried about paying your mortgage we’re here to help. We’ve put together some useful information in our mortgage payment difficulties page and whatever your situation we’ll do our best to find a solution, so it’s best to speak to us soon as possible.

Loans may be taken on a capital and interest, interest only or part capital/part interest only basis. For loans taken on an interest only or part interest only basis a repayment strategy will need to be evidenced.

We’ve put together some useful information about repaying an interest only mortgage, which is available on our repaying an interest only mortgage page.

Our interest rates are typically offered on a fixed, variable or discounted basis – check your personalised mortgage offer for full details about your mortgage deal and interest rate type.

A fixed interest rate will not change during the product period and is guaranteed, regardless of what happens to our Standard Variable Rate (set by us) or the Base Rate, which is set by the Bank of England and can influence interest rates set by mortgage lenders.

A variable or discounted interest rate is usually linked to our Standard Variable Rate which is subject to change in line with market conditions. When an interest rate change is due to take place we will write to you detailing the new interest rate payable, together with your revised monthly payment.

If you are still in your mortgage deal period and are looking to borrow more funds we may be able to assist with your additional borrowing requirements. Look at our borrowing more page to see what options we currently have available.

Nobody is perfect, and we know from time to time things do go wrong. We want to know when you’re not happy so we can improve the quality of our service and identify possible training needs, and of course we’ll do all we can to resolve your problem. Visit our making a complaint page for full details.

Dealing with the death of someone close to you is never easy. We’ve put together a guide of what to do if your loved one had a mortgage account with us. You can see this on the following link: https://www.suffolkbuildingsociety.co.uk/members/bereavement/when-a-mortgage-account-holder-dies/

We’re also at the end of the phone so if you’d rather speak to one of our team, you can contact us – we’d be happy to help!

You can view information on Confirmation of Payee here.