IMPORTANT INFORMATION

COMMERCIAL MORTGAGES

Will this make any difference to my account?

As a YBS Commercial Mortgages customer you’ll stay on the same mortgage product you took out with N&P and your terms and conditions will remain unchanged.

Has anything else changed apart from our name?

If you’re applying for a new mortgage product – or want to make a change to your existing mortgage – our Peterborough team will still take care of this for you, but via the YBS Commercial Mortgages platform.

You can request to make a change to your existing N&P commercial mortgage by re-mortgaging it to a new YBS commercial mortgage. You’ll need to complete a new full application, but we’ll be on-hand to help guide you through this.

On 11 May 2020 we made some changes to the way in which we manage missed payments.

Now, if you pay by Direct Debit your monthly payment is due on the date of your Direct Debit instead of the 25th of the month. This means that if you unfortunately miss your Direct Debit payment date, say on the 18th of the month, you no longer have until the 25th to make a payment.

If your preferred payment method is not by Direct Debit (e.g. standing order), your payment is still be due on – and should be received by – the 25th of the month.

If you miss a payment, for whatever reason, you’ll be in arrears and we’ll contact you shortly after to confirm this. Please make sure you have the necessary funds to cover your payment.

Five good reasons to pay by Direct Debit

• It’s simple and easy to use
• Once it’s been set up, payment is taken automatically on the due date.
• If a payment amount or date changes, you won’t have to make any changes at your end (unlike with a standing order).
• There’s no need to set a reminder or log into your internet banking to make a payment (unlike if you pay by bank transfer/faster payment)
• Under the Direct Debit Guarantee Scheme you have the right to a refund for any payment you believe has been taken in error.

If you don’t currently pay by Direct Debit but would like to, please contact us.

If you’re having problems paying your mortgage

If you’re having problems making payments now — or think you’ll have difficulty in the near future — please contact us as soon as you can and we’ll work with you to help find a solution.