Rate change information - Hyalite

Rate change information

 

We’ll always write to you at least four working days before your interest rate changes. Our letter will tell you about your new rate and when your monthly payment will change. You won’t need to do anything until you receive our letter.

There’s more information below about what happens when your interest rate changes.

Rate rise calculator

See how an interest rate rise could affect your monthly mortgage payments.

Rates have changed several times in recent years, so planning now can help you prepare for any future increases in your payments.

Using this tool

You’ll need to know your outstanding balance, type of mortgage (interest only or repayment), current interest rate and how long is left on your mortgage.

Find out how to quickly see up to date information about your mortgage account

If your mortgage is made up of multiple sub-accounts you can enter details for each part separately.

Understanding the results

Our calculator shows the increase in monthly payments, for a repayment or interest only mortgage, at a range of different interest rates.

The results you’ll see are based on the information you have entered for your current balance, interest rate and remaining term.

Our calculator uses a simple method to determine the amount of interest you’ll pay as part of your monthly payment, by dividing the total amount of interest you’ll pay over a full year into 12 equal monthly amounts.

Since interest on your mortgage may be calculated differently (such as on a daily basis), then the actual change in your monthly mortgage payments after an interest rate increase may differ slightly to the figures shown in the calculator.

This means the results should only be used as a guide.

Use calculator

When is an interest rate change triggered?

The events that trigger a change in your interest rate depend upon the type of variable interest rate that you have.

If your interest rate has a Product Variable Rate (PVR) or tracks Bank of England base rate (BBR), your rate will usually change at the start of the month after the Bank of England announces a change in BBR.

We won’t be able to tell you what your new monthly payment will be if you call us immediately after a change in BBR has been announced. This is because it takes a few days to apply the rate change to your account and to calculate your updated payment.

You’ll be able to check any change in your monthly payment by signing into Self-Serve. After we’ve applied the change to your account there’ll be a message about your new payment amount on the account summary screen.

We’ll also write to you before any change in your monthly payment takes effect.

The most recent change in BBR to its current 5.25% was announced on 3 August 2023 and Bradford & Bingley wrote to you before the end of August 2023 confirming your new rate and monthly payment. That rate will continue to apply until after any further change to BBR is announced.

Our SVR is currently 8.74%. This is the same as the most recent SVR set for your account by Bradford & Bingley.

Going forward, we’ll set our SVR in response to trends in the UK mortgage market. Our SVR isn’t directly linked to any external reference rate, this means that it doesn’t automatically change if for example, the Bank of England changes Base Rate.

Although we keep our SVR under regular review there aren’t any fixed dates on which we decide to change it. We’ll publish the details of any future changes to our SVR on this page.

We’ll also always write to you before any change in your rate takes effect. If your account is linked to our SVR your rate will change at the start of the month after we’ve announced that our SVR is changing.

If your interest rate was previously linked to the London Interbank Offered Rate (LIBOR), in October 2021 Mortgage Express replaced your variable reference rate with the Bank of England base rate (BBR) plus a fixed adjustment known as a credit reference spread.

Your interest rate won’t always change immediately after there is a change in BBR. Your rate continues to be reviewed once every quarter and will be adjusted if there have been any changes in BBR since your previous quarterly review.

We’ll write to you before any change in your monthly payment takes effect.

If your mortgage has a fixed interest rate that rate will continue to apply until any expiry date detailed in your original mortgage offer.

If that fixed rate comes to an end and a variable rate will apply after the expiry date, we’ll write to you a month in advance of the change in rate to let you know your new rate and payment amount.

More information about your account and interest rate changes

Please read the answers to the questions below before you call us with a question about your account.

We’re sorry but we’re closed to new business and unable to offer any new deals to customers.

There’s more information about remortgaging with another lender on our Find a better mortgage deal page.

We’re sorry, but we can’t freeze your interest rate. However, there may be options available to you if you’re struggling to afford your monthly payments. If you’re worried about making your payments, please take a look at the information about how we may be able to help on our Payment difficulties page.

Your monthly payment is calculated based on your outstanding balance and the remaining term of your mortgage, at the point when a new interest rate is set.

The payment will vary according to the repayment basis of your mortgage.

If you have a capital and interest (repayment mortgage), your monthly payments cover the interest charged each month and also pay off some of the balance that you owe. This means that providing you make your monthly payments in full and on time, your mortgage will be fully repaid at the end of its term.

If you have an interest only mortgage, your monthly payments only cover the interest charged on the balance you owe. Your payments don’t reduce the total amount you owe over time, so when your mortgage reaches the end of its term, you’ll need to repay this to us as a lump sum.

If you have a part & part mortgage, a set portion of your mortgage is on a repayment basis and another set portion is on interest only. Here, your monthly payments will cover the interest charged on the whole amount you owe, but you’ll also be repaying part of that total balance each month. So unlike a full repayment mortgage, this means there will still be a lump sum to pay at the end of the mortgage term.

Find out what type of mortgage you have

It’s important you’re fully aware of the type of mortgage you have, so you can plan ahead. If you’re unsure, you can easily find this information using Self-Serve, our secure online mortgage service, which is available 24 hours a day, 7 days a week. See our website section about finding your account information.

You can also see your latest mortgage statement or check your latest mortgage offer documents. Alternatively, if you need further support, please contact us.

The impact of an interest rate change on your monthly payments will depend on several factors, such as the type of mortgage you have (interest only, capital and interest or part & part), your current balance and remaining term.

There are also other factors that can affect the recalculation of your monthly payment, for example if you have:

  • made regular overpayments on your account;
  • incurred any fees or charges that have been added to your balance;
  • taken a payment holiday;
  • not paid ground rent/service charges and we’ve paid these on your behalf;
  • missed any payments or made reduced payments for any reason.

The impact of these factors on the recalculation of your monthly payment following a rate change may be greater if you only have a short remaining term.

Because of this, the exact change in your monthly payments following a rate change may be different to what you expect.

If you’re worried about making your monthly mortgage payments now or in the future there’s more information about how we may be able to help you on our Payment Difficulties page.

There’s also details of independent organisations that can help by offering you free support and advice. Simply contacting us, or any of those organisations won’t affect your credit score.

You can also find out about using PayPlan’s BudgetSmart tool to look at what you may be struggling to afford and use the tools and tips provided to help you cut costs. It has information and tips covering car and home insurance, food, clothes and shoes, utility bills and much more.

If you’re paying an extra amount on top of your normal monthly payment as part of an agreement to clear or reduce your arrears, it’s important to continue paying that extra amount. But if your monthly payment has increased and you’re struggling to keep up the arrangement we’ll need to reassess your situation.

There’s more information on our Payment difficulties page about how you can start that process by going online to provide us with updated income and expenditure details. You can also call us. You may find it useful to have your bank statements, wage slips and utility bills to hand.

When you’re making regular monthly overpayments, it’s a good idea to check you’re happy with the amount you’re overpaying after an interest rate change. Depending upon how your overpayment is set up and whether your normal monthly payment has gone up or down, you may want to check and adjust the amount you’re overpaying. There’s more information about making regular monthly overpayments on our Overpayments page.

If you make your monthly payments by Direct Debit you don’t need to take any action, we’ll collect the new payment amount when this is due.

If you don’t pay by Direct Debit, you’ll need to adjust the amount you pay. There’s more information about alternative payment methods on our Making your monthly payments page.

Your original mortgage offer documents will have explained the type of interest rate applying to your mortgage. There’s more information about interest rate types on our Your interest rate page.

You can quickly find your current interest rate and monthly payment amount using our online Self-Serve system. This is available 24 hours a day, 7 days a week from any device. What’s more, if your interest rate and monthly payment will be changing due to an upcoming interest rate change, you’ll see details of the new payment amount and the date this will apply. For more details, please see our Self-Serve section.

If you’re still unsure, please contact us.

Sign in to Self-Serve to check your interest rate

You can find out your interest rate and account balance using our online Self-Serve system.

Sign In now – If you’ve previously registered on Self-Serve with Bradford & Bingley or Mortgage Express, you can sign in now with Hyalite Mortgages using your existing details.

Register now – to use Self-Serve for the first time, you’ll need to register and create your secure account.

Not all customers can register for Self-Serve. You can find out who can register on our using Self-Serve page.

Other information on our website that might be useful

Useful tools & calculators

Our useful tools and calculators include a handy rate rise calculator.

Payment difficulties

How to get help and support if you’re struggling to make your mortgage payments.

Making overpayments

Information about the ways you can make overpayments.

Your interest rate

Find out about different types of interest rates.

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