Rate change information - Heliodor

Rate change information

 

We’ll always write to you before your interest rate changes on your mortgage or loan. The letter we send you will tell you about your new rate and when your monthly payment will change, and 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 payments.

Rates have risen several times recently so planning now can help you prepare for any further changes to your payments.

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Using this tool

You’ll need to know your outstanding balance, repayment basis (interest only, part & part or capital & interest), current interest rate and remaining term of your mortgage or loan.

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

You may have a Together mortgage with an interest only mortgage and an unsecured loan on a capital and interest basis. If so, you’ll need to enter details for each part separately to see the overall impact of a rate rise on your mortgage.

If you have a mortgage that is made up of multiple sub-accounts, you can also enter details for each part separately.

Understanding the results

Our calculator shows the increase in monthly payments, for a repayment or interest only mortgage or loan, 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 or loan may be calculated differently (such as on a daily basis), then the actual change in your monthly 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.

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When is an interest rate change triggered?

The events that trigger a change in your interest rate depend upon the type of rate that applies to your mortgage or loan.

If your interest rate tracks Bank of England base rate (BBR), your rate will change either at the start of the month after the Bank of England announces a change in BBR, or at the start of the second 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. Find out more here.

We’ll also write to you before any change in your monthly payment takes effect. Please note that if your rate isn’t changing until the second month after a change in BBR is announced we won’t write to you until after the end of the month in which the change in BBR is announced.

The most recent change in BBR to its current 5.25% was announced on 3 August 2023. We wrote to you in late August or early September to confirm your new rate and monthly payment. That rate will continue to apply until after any further change to BBR is announced.

We 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 always write to you before any change in your rate takes effect. If your account is linked to our SVR your rate will change either at the start of the month after we’ve announced a change in SVR, or at the start of the second month after we’ve announced the change.

In August 2023, we increased our SVR by 0.25% to 8.74%. We wrote to you in late August or early September to confirm your new rate and monthly payment. That rate will continue to apply until we announce any further changes to our SVR.

If your mortgage or loan 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.

Unfortunately we’re closed to new business and can’t offer any new mortgage or loan deals to customers.

There’s more information about moving your mortgage or loan to a new lender on our Find a better deal page.

Unfortunately 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. Simply getting in touch with us won’t affect your credit file.

If you’re worried about making your monthly 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 file.

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, as 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.

There’s more information about interest rate types on the Your interest rate page.

You can quickly find your interest rate type, current 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.

Alternatively, you can also refer to your latest mortgage offer documents or the latest annual statement we’ve sent you. Both documents will explain the type of interest rate applying to your mortgage or loan. 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.

Find out more – see more details about using Self-Serve, or see how you can use the system to find out information about your account.

Sign in now – if you’ve already registered on Self-Serve, you can sign in to your account at any time, from any device.

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

Other information on our website that might be useful

Useful tools & calculators

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

Useful tools

Payment difficulties

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

Help & support

Making overpayments

Information about the ways you can make overpayments.

Overpayments

Your interest rate

Find out about different types of interest rates.

Your interest rate

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