FAQ / Mortgage questions
Mortgage payments

How do I change my direct debit instruction?

If you would like to change the bank account that we collect your mortgage payments from, we may be able to do this for you over the telephone, unless payments are made from a limited company or a limited liability partnership bank account.

Please call us on 0345 849 4060 if you would like us to make this change for you.

If you are a limited company or limited liability partnership, please complete a new direct debit instruction and return it to us either by email at [email protected] or by post to 51 Homer Road, Solihull, West Midlands B91 3QJ.

Please allow at least 14 days for the new direct debit instruction to be set up. It is important that you do not to cancel your existing direct debit until we have confirmed to you that the new instruction is in place.

Will a leap year affect my mortgage payments?

Yes. We calculate and charge interest daily, therefore during a leap year, you will pay one extra day’s interest and we will automatically update your payments to reflect this. Leap year changes will affect both fixed and variable rate accounts.

For a standard year:
Your balance x the interest rate divided by 12

£200,000 x 5.50% / 12 = £916.67

In a leap year:
Your balance x the interest rate divided by 365 x 366 and then divided by 12

£200,000 x 5.50% / 365 x 366 /12 = £919.18

What if I’m having problems making my mortgage payments?

If you are having difficulties meeting your payments or are worried you may not be able to make your next payment, please call us on 0345 849 4080 as soon as possible. We have a number of options we can talk to you about and we will always do our best to help.

Are there any organisations who can provide advice if I am facing financial difficulties?

Yes, if you are experiencing financial difficulties you can seek free independent advice from:

Citizens Advice

National Debt Line


Step Change Debt Charity

Please also take a look at our financial help page.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551