Can you afford not to
make overpayments?
In the current economic climate it is important to consider
how you can protect yourself and your property against any
future uncertainties.
Now could be a great time to take advantage of our Choices
facility and start making overpayments on your mortgage. By
making overpayments you could help to protect the equity
in your property, while building up a fund to help you ride
out any future difficulties in meeting your
monthly payments.
Benefits of making overpayments
As a borrower, making overpayments could benefit you in a
number of ways:
Save money on your mortgage
By making regular overpayments, you will save money by
reducing the interest you pay over the term of your
mortgage. That’s because any amount you overpay comes
off the amount you owe immediately, and you will start
saving interest from the first day of the following month.
Reduce your outstanding balance
By making regular overpayments, you will build up a ‘fund’
that will reduce your outstanding balance.
Build up cover against uncertainty ahead
The fund you build up by making regular overpayments
could also help you ride out any future difficulties in terms
of meeting your monthly mortgage commitments. That’s
because any overpayments you’ve made could enable you to
take a payment holiday or make underpayments on your
mortgage. You will also have the option of requesting a
refund of any overpayments in the future.
The key is to start making regular overpayments on your
mortgage now – through our Choices facility.
Who is Choices suitable for?
Choices is available on your mortgage provided this facility
is featured in your original mortgage offer. Please see your
offer for full details.
Overpayments are the key to Choices, so this is only suitable
for you if you can afford to make regular overpayments in
addition to your standard monthly mortgage payment.
If you can afford to make an overpayment each month and
you are not in arrears, then Choices is available to you,
subject to acceptance.
How does Choices work?
First, you need to choose a regular overpayment amount
that you can afford to make, and the month in which you
want to start making the overpayments. Any amount of
overpayment will reduce the amount of interest you pay
over the term of your mortgage.
• Overpayments must be made on the same date as your
regular monthly payment via Direct Debit.
• The minimum you can overpay is £25.
• The maximum you can overpay per month into the
choices facility is currently 1% of your outstanding
mortgage balance, at the time you apply to use Choices.
• If interest rates change your new monthly payment will be
based on your current balance, taking any previous
overpayments into account, but the amount you overpay
will stay the same – unless you advise us otherwise.
Choices – take control
of your mortgage.
• If you have a repayment mortgage and overpay by the
maximum of 1% per month, the amount you overpay will
not decrease as your outstanding mortgage balance
decreases, even if this takes your overpayments to more
than 1% per month.
• You can overpay for as long or short a period as you like
– just contact us to stop or change your overpayment at
any time.
The amount you overpay comes off the amount you owe
immediately, so although your regular monthly payment
won’t change as a result, you will be charged less interest on
your mortgage balance from the first day of the
following month.
If you need to obtain your current outstanding balance, to
find out the maximum you can overpay, please call us on
0370 702 0066*.
Choices flexible features
By making regular overpayments to your mortgage account,
you will build up a Choices ‘credit balance’. A number of
options could then be open to you in the future:
• Payment holidays – You can take a complete break from
your mortgage payments for a maximum of six
consecutive months. When you have used up the
overpayments you will automatically go back to full
monthly payments and can start making overpayments
again whenever you wish.
• Underpayments – You can start to pay less every month
by an agreed amount. Again, you will automatically revert
to full monthly payments when you have used up your
overpayments, but you can then start making
overpayments again whenever you wish.
• Choices refund – As an extra benefit, you can also request
a refund of the overpayments you have made. This facility
is free of charge, but you can only use it twice a year.
Please note - these options are only available if you meet
the criteria regarding the Loan-to-Value ratio of your loan.
Please note – Using any of these Choices flexible features will
increase the balance you owe us and may increase your
monthly payments when you stop using the feature. These
options are also only available to you if your total loan to
value is below the maximum level we set for Choices on your
product, at the time at which you apply to use these
facilities. To find out more, please call us on 0370 702 0066*.
What if I’m in arrears?
Choices is not suitable for customers that are currently in
arrears with their mortgage payments. If you are in arrears or
if you are experiencing any payment difficulties, you should
call us on 0370 702 0066*.
Start using Choices
If you are ready to start making overpayments with Choices,
or if you’ve built up a fund and want to take advantage of
any of the flexible features, simply complete the attached
form and send it to us at:
Rosolite Mortgages
Choices, Rosolite Mortgages
PO Box 121
SKIPTON
BD23 9FL
Alternatively, call us now on
0370 702 0066*
to find out more information. Lines are open
Monday–Friday from 8:30am–5.30pm.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
* Calls may be recorded for monitoring and training purposes. Charges for calling 03 numbers are the same as for calls made to standard UK landline phone numbers
starting 01 or 02 and are also included in bundled minutes and unlimited call packages.
Rosolite Mortgages is a trading name of Topaz Finance Limited, which has been appointed to administer your mortgage by your lender,
Rosolite Mortgages Limited. Topaz Finance Limited is registered in England & Wales under company number 05946900. Registered address:
The Pavilions, Bridgwater Road, Bristol BS13 8AE. Topaz Finance Limited is authorised and regulated by the Financial Conduct Authority
(Firm Reference No. 461671).
12IPCC 14 ROSL0240 v1 (12/2018)
Choices Request
To take advantage of Choices, simply fill in and sign this form and send it in an envelope to:
Rosolite Mortgages
Choices, Rosolite Mortgages
PO Box 121
SKIPTON
BD23 9FL
I/We wish to take advantage of one of my/our Choices options. Please arrange for me/us to:
General Notes
Only one of the above can be selected.
Each borrower must sign below to enable Rosolite Mortgages to carry out your request.
Name:
Mortgage account number
Property address
Start making overpayments
Overpay my/our monthly payment by
£
(minimum £25 – maximum amount is 1% per month of your outstanding mortgage balance at the time you apply to use
Choices, in multiples of £5)
Make underpayments
Underpay my/our monthly payment by
£
Have a payment holiday
Take a payment holiday of Months to
DD/ MM/ YY
Choices refund
Take a funds release of
£
/the entire accumulated choices amount
Signature (1) Date Signature (2) Date
Signature (3) Date Signature (4) Date
*Calls may be recorded for monitoring and training purposes. Charges for calling 03 numbers are the same as for calls made to standard UK landline phone numbers
starting 01 or 02 and are also included in bundled minutes and unlimited call packages.
Rosolite Mortgages is a trading name of Topaz Finance Limited, which has been appointed to administer your mortgage by your lender, Rosolite Mortgages Limited.
Topaz Finance Limited is registered in England & Wales under company number 05946900. Registered address: The Pavilions, Bridgwater Road, Bristol BS13 8AE.
Topaz Finance Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 461671).
