Repayment Support

Repayment support and guidance

Please read the below for full details of each repayment method available to you, as well as support if you're struggling to pay, and useful tips on how to spot fraud.

Cybercrime and Fraud
Please be aware that fraudsters may seek to undertake various types of fraud and cybercrime. To protect yourself from these threats, please continue to be vigilant with phishing emails received or emails with attachments that may contain malware.

Always stay alert for any suspicious phone calls, texts or emails - from anyone claiming to be from the bank. Trusted organisations will never ask you for your full PIN or password or ask you to move money from your account.

Making a payment online
You can pay online using your debit card. Simply click here and follow the instructions. Make sure you have your Case ID/Account number handy, and remember that we don't accept credit card payments. Payment should only be made by the debit card holder who is named on the mortgage account.

Set up a monthly Direct Debit 
Direct Debit is one of the easiest, safest and most reassuring ways of making your monthly mortgage repayment. Your monthly mortgage repayments are made automatically, so they are not overlooked - eliminating the risk of late payment fees and charges+.

The Direct Debit Guarantee protects you and your money. It's offered by all financial institutions that take part in the scheme. A Direct Debit in place means less worry, and appears favourable on your credit file as it shows a consistent commitment to repaying your mortgage.

Your mortgage repayment will be taken via Direct Debit on the last day of each month. If the last day of the month falls on a weekend or bank holiday then the Direct Debit payment will be requested on the next working day. 

Direct Debits are guaranteed
Direct Debit payments come with a guarantee so you're automatically protected by three important safeguards:

  • An immediate money back guarantee from your bank in the event of an error
  • Advance notice if your monthly payment changes
  • The right to cancel at any time

Please note that we can only accept Direct Debit Instructions for a bank account in the name of an individual who is named on the mortgage. For joint bank accounts, all of the parties to the bank account must be parties to the mortgage and all parties must sign the Direct Debit Instruction.

 + Should your bank return a Direct Debit unpaid Mars Capital can make an Administration charge of £10.00. Please refer to your monthly statement for our current Tariffs and Charges.

Set up a monthly standing order
Call the team for support setting up a standing order. We must receive your mortgage repayment in cleared funds within the calendar month, so please consider (with your bank) the most appropriate date when setting up the standing order, so you don't risk missing a repayment.

Over the counter at any Barclays Bank branch via a paying in slip
Please ask your account manager to provide you with our bank details.

Did you know that you could qualify for lower mortgage payments?

Changes to the way mortgage lenders calculate whether a mortgage is affordable have made it simpler for you to obtain a cheaper mortgage with a new lender (*if you meet the eligibility criteria), and we believe you may be able to take advantage of this. In order to understand how to switch to a new mortgage, and to obtain free financial advice, contact the Money Advice Service at: https://www.moneyhelper.org.uk/en

Important: Mars Capital does not carry out mortgage lending servicers, however, other mortgage lenders may be able to offer you a new mortgage on a lower rate.

*An eligible consumer is one who already has a mortgage contract and would like to move to a new mortgage for the same value as the current, outstanding balance; which must be secured on the same property. Eligible customers are those who do not currently have, or at any point within the 12 months prior to the application, have had any payment shortfall.

Your interest rate

Mars Capital operates a variety of interest rates and page two of your monthly statement will confirm which rate your mortgage tracks. Your interest rate will have been agreed when your mortgage was taken out. Depending on the mortgage terms and conditions and the mortgage offer the interest rate that applies to your mortgage will be either be:

Linked to (BBR) Bank of England Base Rate.

This is the rate set and announced by the Bank of England at meetings of The Monetary Policy Committee (MPC). The interest rate that applies to your mortgage will be made up of two elements, the current BBR rate plus an agreed margin. As a result, your interest rate will change if the BBR changes, however the margin above the BBR will remain the same.

For example, if the BBR is 3% and the agreed margin is 3% above the BBR, the interest rate on your mortgage will be 6%. However, if the BBR was then to decrease to 2.5%, your interest rate would also decrease to 5.5% (made up of the new BBR at 2.5%, plus the agreed margin of 3%).

A Variable Rate

This is a managed rate that is set by Mars Capital, in accordance with your original mortgage offer and will typically vary with general market conditions which could be either changes to SONIA and or BBR.

The applicable rate may also contain a margin element, however in this instance the margin will sit above the Variable Rate, instead of an external benchmark rate such as the Bank of England Base Rate (as discussed above). For example, if the Variable Rate is 3% and the agreed margin is 3% above the Variable Rate, the interest rate on your mortgage will be 6%. However, if there as a decrease to the Variable Rate to 2.5%, your interest rate would also decrease to 5.5% (made up of the new Variable Rate at 2.5%, plus the agreed margin of 3%).

Reporting to Credit Reference Agencies

Mars Capital report customer payment information to Experian Limited, TransUnion UK and Equifax Limited. Please note that simply speaking with our team and merely engaging with Mars Capital, won't impact your credit file. 

Free Money advice: Useful Links

Help, Information and Advice if you are in arrears or face repossession

Independent Financial Advice