Q1 How does the Administration affect Heritable Bank Plc?
Heritable Bank Plc (In Administration) has not ceased to trade. The Administration is necessary because of Heritable’s financial position and to ensure that it can continue to operate, and to ensure the best interest of customers and creditors are served.
Q2 How does the Administration affect my mortgage?
The current terms of your mortgage are not affected by the Administration and you are required to continue to make repayments and correspond directly with us in the usual manner. All payments received, whether your normal monthly payment or capital repayment, will be credited to your mortgage account in the normal way.
Q3 How does the Administration affect my payments?
The repayment profile of your mortgage is not being changed.
Q4 Will my credit profile be affected by these recent technical difficulties with Direct Debits?
If you make these mortgage payments by the dates specified above your credit profile with us will not be affected.
Q5 What do I do if I need to set up a new Direct Debit Mandate?
You can download a mandate here . Please ensure that you enter your account number in the section marked ‘reference’ and return the completed and signed mandate to us. Please contact us on 0333 200 4551 if you require assistance in completing the details.
Q6 What do I do if I am unable to make my mortgage payments?
It is important that you contact us as early as possible if you are having payment difficulties. Further information regarding how we may be able to help you can be found here .
Q7 What do I do if I can’t afford to make all outstanding payments on the dates due?
In our previous correspondence we confirmed that you should ensure that there are sufficient funds in your bank account to meet the payments when they are requested. If necessary, please contact us on 0333 200 4551 to discuss your personal circumstances.
Q8 What happens if my normal payment due date is a weekend or bank holiday?
Your payment will be collected on the next working day.
Q9 Will I still get mortgage statements?
A mortgage statement will continue to be issued on each anniversary of your mortgage.
Q10 Will my mortgage payments be affected by the recent reductions in the Bank of England Base Rate?
We have reduced our Standard Variable Rates by 1.5% from 1st December 2008. For those borrowers that are affected, your payments will have been reduced from January 2009 and a letter confirming your revised payments has been issued to you. Furthermore we have reduced our Standard Variable Rates by a further 0.5% with effect from 1st January 2009 and a further 0.25% from both 1st February and 1st March 2009 . For those borrowers that are affected, your payments will have been amended from February, March and April 2009; a letter confirming each of your revised payments will have been issued to you.
Q11 My mortgage payments are LIBOR linked, are my payments expected to change?
LIBOR is reset every three months and the next quarterly review date is 1st October 2009. For those borrowers that are affected, your payments will be amended from November 2009 and a letter confirming your revised payments will be issued in early October.
Q12 How do I contact you if I have any further questions?
You can email us at info@mortgages.heritable.co.uk or you can telephone us on 0333 200 4551.
Q13 What is the correspondence address to which to send a payment by cheque?
Heritable Bank Plc (In Administration), PO Box 63720, London, SW3 9AW