Changes to our payment process – September 2016

The notice period required before changing the date or amount of monthly payments has reduced from a minimum of 10 working days to a minimum of 4 working days.

This change has not altered the interest rate you are being charged, your monthly payment date, your monthly payment amount or your payment method. There is also no change to any arrangement you may have in place to clear any arrears, if this applies to you.

We wrote to all affected customers in August and September 2016 to outline these changes.

What does this mean for me?

If we need to change the amount or date of your monthly payment for any reason we now guarantee to give you a minimum of 4 working days’ written notice. For example, if there is an interest rate change, we will write to you at least 4 working days before your new interest rate and monthly payment comes into effect.

Has my interest rate or payment amount changed?

No - This change has not altered the interest rate or monthly payment amount on your account. Whenever an interest rate change occurs we will notify you at least 4 working days before any change in your interest rate or monthly payment.

Do I need to change my payment amount or payment date?

No – you do not need to change your payment amount or your payment date.

I have more than one account, will they all be affected by this change?

Yes – all your accounts will be affected by this change.

What should I do now?

You do not need to take any action – the letter being sent to you (in August/September 2016) is for information only.

Can I still make regular overpayments?

Yes – you can still make overpayments – for more information about making overpayments, visit our Overpayments section

Can I still make capital repayments?

Yes - you can continue to make capital repayments to reduce your outstanding balance. To make a capital repayment please call us.

Can I set up a Direct Debit?

Yes – download, print and complete a Direct Debit form here and return it to us at Mortgage Operations, NRAM Mortgage Operations, PO Box 625, DURHAM, DH1 9JJ.

I want to amend my Direct Debit - will that be affected by this change?

No – this does not affect how you make changes to your Direct Debit.

I am in an Arrangement To Pay (ATP) - will this have any impact?

No – any arrangements you have in place will not be affected. You should continue to make payments as per your arrangement.