Understanding a mortgage statement
Your lender usually sends a mortgage statement once a year. It's a snapshot of where you stand — and the best place to spot when your current deal ends.
General information · Last reviewed
What this document usually is
An annual statement summarising your mortgage account over the past year: payments made, interest charged, the balance still owed, your current interest rate and product, and any charges.
What to check on it
- The outstanding balance and remaining term
- Your current interest rate and product type (fixed, tracker, variable)
- The date your current deal ends
- Any early repayment charge and the date it stops applying
- Overpayments made and any allowance you have
Early repayment charges
If you repay or switch during a deal, an early repayment charge may apply. The statement or your offer usually shows the percentage and when it ends.
Things worth a second look
- Payments shown that don't match your bank statements
- Unexpected fees you don't recognise
- Unsolicited contacts pressing you to switch quickly
What you might need to do next
- Note your deal end date and early repayment charge end date
- Check payments against your bank statements
- Contact your lender with any query
- For advice on a new deal, speak to your lender or a regulated mortgage adviser
Official sources
Common questions
Q. Why hasn't my balance gone down much?
A. Early in a repayment mortgage, more of each payment goes on interest. Interest-only mortgages don't reduce the balance at all unless you overpay.
Q. What happens when my deal ends?
A. Usually you move to the lender's standard variable rate unless you arrange a new deal. Your statement or lender can confirm.
Related guides
Important disclaimer
This guide is general information about common UK documents, not legal, financial, tax or medical advice. Always read your own document and, where something is serious, contact the sender or a qualified adviser.
Not sure what your letter is asking?
Upload your document to ClariDoc. We'll explain it in plain English, pull out the deadline and give you a clear next-step checklist — usually in under a minute.