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?".

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.

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, PO Box 363, Wilmslow, SK9 0BT. Please include a covering note with your account number.

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: productswitch@aldermore.co.uk 

Request in writing to: Aldermore Residential Mortgages, PO Box 363, Wilmslow, SK9 0BT

For commercial mortgages:

Email: commercialportfolioteam@aldermore.co.uk 

Request in writing to: Aldermore Commercial Mortgages,4^th 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.

More information