This sets out the charges that may be applicable during the course of the mortgage term. We have tried to explain when the charges will apply and the processes involved in providing the services and facilities.
Please note that all fees include VAT where appropriate.
Fees payable by the borrower
Transfer of Equity – £72.00
In exceptional circumstances a Transfer of Equity may be agreed and then you will be charged for this fee for an amendment to the name(s) in which your mortgage account or property is registered. The fee covers all the necessary administration work and contact with your solicitor or licensed conveyance.
Deed of Postponement – £72.00
If a Deed of Postponement is required there is an additional administration charge for dealing with solicitors and completing the forms.
Valuation fee – from £62.00 + Valuer’s costs
There is a charge for the RICS valuer to carry out a valuation and supply a report in respect of a mortgaged property. Our fee is to instruct the valuer and finalise negotiations between the borrower and lender. The whole fee is non-refundable once a valuation has been carried out. Where the valuation is carried out for a mortgage repayment the lender may contribute 50% of the cost of this fee.
Property Letting – £90.00
Subletting is not allowed other than in exceptional circumstances. This fee is for dealing with the correspondence on this subject.
Management Fee (payment collection) – £4.00 per month (plus annual RPI increases)
This is the monthly fee that may be payable in the event of monthly payments being made other than by direct debit.
Redemption Fee – £180.00
At the time you redeem your mortgage, this fee covers the cost of administrative work during and after the redemptio