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Your first payment Ways to pay Make an overpayment Repaying your balance Variable rate mortgages

 

Your first payment

Your mortgage starts on the day we release the funds to your solicitor, which is your completion date. We’ll start to charge you interest from this date. Your first mortgage payment could be higher than your regular payment, depending on when your mortgage starts, and the date of your first payment. You’ll need to make sure you have enough money in your bank account for this first payment. So, it’s a good idea to include this in your budget.

You can change your payment date after you’ve made your first two monthly payments, and we can collect payments on any dates between the 1st and 28th of each month. To request a payment date change, just request this via our online form. Select the option "Can I change my mortgage payment date?".

Change your mortgage payment date

Your first payment after switching rate

Depending on when your current rate ends, your first mortgage payment could be higher than your regular payments. This is because you might have spent some time on our variable rate (AMR). When we first get in touch with you about your current deal ending, we’ll give you the option of switching at the next available month, the end of your current deal, or for the 1st of the month that your current deal ends.

So, if for example your current deal ends on 10th, your payment for that month will include circa 20 days of the AMR variable rate before you then switch on 1st of the following month.

Please note: All our product switches start at the beginning of the month. So, If you’d like to switch your mortgage for the next calendar month, you’ll need to complete your product switch no later than 15 working days before your next direct debit date. We’ll then have enough time to set this up for you.

Ways to pay

If you don’t have a direct debit set up with us already, or if you’ve changed the bank account you want to pay your mortgage from then you’ll need to set up a new Direct Debit. Call us on 0333 321 1000 or fill in the Direct Debit form and post it back to us straight away. Information on where to send it is in the form.

Bank Transfer or Standing Order

You can also pay via online banking to Aldermore using:

Account Number: 90261971 Sort Code: 20-19-90.

Please make sure you include the following information when setting up a new payment:

• Bank account name: The name of the main mortgage account holder

• Reference: Your mortgage account number

We’ll then be able to allocate the payment to your account quickly. You could also set up a standing order to this Aldermore account, so your payments are made automatically from your bank each month.

If you’re a Commercial mortgage customer, please use:

Account Number: 13707563   Sort Code: 20-19-90

If you don’t have a direct debit set up with us already, or if you’ve changed the bank account you want to pay your mortgage from then you’ll need to set up a new Direct Debit. Call us on 0333 321 1000 or fill in the Direct Debit form and post it back to us straight away. Information on where to send it is in the form.

Bank Transfer or Standing Order

You can also pay via online banking to Aldermore using:

Account Number: 90261971 Sort Code: 20-19-90.

Please make sure you include the following information when setting up a new payment:

• Bank account name: The name of the main mortgage account holder

• Reference: Your mortgage account number

We’ll then be able to allocate the payment to your account quickly. You could also set up a standing order to this Aldermore account, so your payments are made automatically from your bank each month.

If you’re a Commercial mortgage customer, please use:

Account Number: 13707563   Sort Code: 20-19-90

Couple walking together

The Aldermore Managed Rate and variable rate mortgages

Many banks have a Standard Variable Rate (SVR) which is usually influenced by the cost of their borrowing.

An SVR can change at a bank’s discretion and normally determines the variable interest rates and reversion rates for mortgages linked to their SVR.

At Aldermore we call our SVR the Aldermore Managed Rate (AMR). The AMR is set by Aldermore and not directly linked to the Bank of England base rate but can be influenced by changes to it as well as other market factors.

If the AMR changes, variable and discounted rate mortgages linked to it will go up and down in line with the AMR.

If you have a variable rate mortgage your interest rate and monthly repayments will be linked to the AMR and therefore will go up and down in line with it.

We'll always write to you in advance to let you know of any changes to your current interest rate or monthly repayments.

If you have any concerns about keeping up with your mortgage payments, visit our money worries page for more information on how we can help.

Making an overpayment

You can make over payments up to your annual allowance limit if you're still within your early repayment charge (ERC) period or unlimited over payments if your ERC period has finished. You’ll find details of your over payment allowance, charges and when they’ll no longer apply in your original mortgage offer.

Contact our team on 0333 321 1000 to arrange a one-off payment or set-up regular overpayments.

Alternatively, you can pay by bank transfer or standing order to: sort code 20-19-90, account number 90261971 (using your account number as the reference)

Or post a cheque to: 

Aldermore Mortgages, 40 Spring Gardens, Manchester, M2 1EN.

Please include a covering note with your account number.

The money helper website also offers a mortgage calculator to give you an idea of the monthly payments you’d pay on a reduced balance. 

Repaying the outstanding balance on your mortgage

When you’re looking to repay your mortgage you or your solicitor will need a redemption statement which you can request using our online request form under "How much do I owe on my mortgage?". The validity period will be detailed on each redemption statement, along with any early repayment charges or exit fees.

Alternatively, you can email or request in writing.

For residential and buy to let mortgages:

Email: mortgage.servicing@aldermore.co.uk 

Request in writing to: Aldermore Mortgages, 40 Spring Gardens, Manchester, M2 1EN

For commercial mortgages:

Email: commercialportfolioteam@aldermore.co.uk 

Request in writing to: Aldermore Commercial Mortgages,4th Floor, 40 Spring Gardens, Manchester, M2 1EN

We’ll send you your redemption statement within 3 working days. You can also call our team at any stage for an indication of the redemption figure on 0333 321 1000.

If you are coming to the end of your current mortgage deal you can find out how and when you can switch to one of the latest deals available to you. You can find out more here.

Frequently asked questions

The Bank of England Base Rate (BBR) represents the rate at which the Bank of England lends to other financial institutions. It’s reviewed several times a year by the Monetary Policy Committee (MPC), and could impact your mortgage payments, depending on what type of rate you’re on.

You can find out more about the BBR and how it may impact your mortgage in more detail on our Bank of England base rate changes page.

Fixed Rate Mortgages

If you have a fixed rate mortgage your interest rate and monthly repayments will not be affected by changes to the AMR until your fixed rate ends.  When you come to the end of your fixed rate period you will move to a variable rate which will be linked to the AMR and your interest rate and monthly repayments will go up or down in line with AMR.

Variable Rate Mortgages

If you have a variable rate mortgage your interest rate and monthly repayments will be linked to the AMR and therefore will go up and down in line with it.

We'll always write to you in advance to let you know of any changes to your current interest rate or monthly repayments.

If you have any concerns about keeping up with your mortgage payments, visit our money worries page for more information on how we can help.

If you’re worried about making your mortgage payments, we’ll work with you to find a solution.

If you need to speak to us you can email mortgage.support@aldermore.co.uk and we’ll call you back or you can call us on 01733 821388. You can find more information on our money worries page, or if you’d like independent advice you can contact:

If you've paid more than the amount needed to pay off your mortgage, we’ll contact you to organise how we’ll repay the funds.

Do you need more help?

Mortgages help and support

More information

  • Mortgage Charter

    Support is available for people who are worried about their mortgage payments due to recent increase in mortgage rates and the cost of living crisis.

    Mortgage Charter
  • Frequently asked questions

    Do you have a question about mortgages? Check out our mortgage FAQ page which answers our most asked queries in easy-to-understand, jargon-free terms.

    Frequently asked questions
  • Fees, statements and balances

    Whether you want to check your balance or request a copy of a document, find out everything you need to know about mortgage fees, statements and balances.

    Fees, statements and balances

Subject to status. Your mortgage is secured on your property.  Your property may be repossessed if you do not keep up repayments.