Fees For Additional Mortgage Services
Effective from March 2008
We make charges for some of the additional services we carry out. This information has been produced so you may take these costs into consideration when using our services.
Any fees charged to your mortgage account should be paid immediately as they will be added to your account at the time we next recalculate your balance for charging interest.
Consenting to transactions during the life of the mortgage: £85
This includes tasks such as:
- Amending Terms and Conditions of a mortgage e.g. change term or repayment type.
- Consenting to transactions, including releasing part of the land, variations of leases and grants of easements.
- The release or surrender of assigned endowment / life policies.
Please note that additional charges will apply where a valuation is required. See the section below on Valuation Fees for more details.
Copy and Duplicate Documents: from £20
Where we provide a copy of a document previously issued to you, e.g. duplicate statements, tax certificates, mortgage offers, valuations, etc., we make a charge.
This fee will apply where we provide a mortgage statement part way through the normal statement period.
We also make a charge for retrieving and copying documents held with your title documents. The charge will be £20 per document up to a maximum of £60 where multiple copies are required.
Production of Title Documents: £50
We charge this fee when we send your title documents to your solicitor or other legal representative.
Valuation Fees
Initial valuation fee from £215
Arranging an initial valuation from £215. An initial valuation is required when you take out a new mortgage with us. Fees are variable depending on the value/purchase price of the property and the scheme. We will confirm the charge to you before arranging the valuation.
Property re-valuation fee from 1/2 valuation fee
An initial valuation is valid for six months from the date of inspection. If your mortgage does not complete within this time, we may ask the valuer to value the property again and will confirm the charge to you as and when it occurs. Fees are variable depending on the value/purchase price of the property and the scheme.
Property re-inspection fee – Release of retentions £114
Property re-inspection fee – Release of land – 1/2 valuation fee
Charged where a re-inspection is necessary after the initial valuation is carried out.
Insurance Arranged Direct Charge: £50
This one-off charge will apply if you do not take buildings insurance on the property through Legal & General Partnership with Birmingham Midshires. Other exclusions may apply. Please contact us or refer to your offer document for details.
The charge will be added to your mortgage balance after completion.
Additional borrowing Fee: £299
This fee covers the setting up of your Additional Borrowing.
The fee can be paid upfront or added to the loan amount.
Adding or Removing Parties to the Mortgage: £199
Charged if you ask us to change the parties to the mortgage account. The fee is payable when you return your completed application form. If the transfer does not take place, £100 will be refunded to you.
Product Switching Fee: £250
If you change the product (interest rate) on your application before completion we may charge a fee. This fee must be paid before the change is made.
Product Transfer Fee: variable
If you change the product (interest rate) after completion of your mortgage, there may be an product fee for the new product.This will vary in amount depending on what product is chosen.
Lenders References & Second Charges: £65 (incl.VAT)
If you are thinking of moving your mortgage to another lender, they may write to us for information on how you have conducted your account with us. We will require payment of this fee before we respond. It will normally be added to your mortgage account.
If you want to take out a second or other loan secured on the property with another lender, they may ask us for details of the account you have with us. This fee must be paid in full before we respond. It will normally be added to your mortgage account.
Notices of Second Charge: £25
If you take out a loan with another lender they will notify us and we will have to update our records.
Vacating Fee
Following the Financial Service Authority's (FSA) guidance to lenders, we will adopt the following approach to the vacating fee (referred to as the Mortgage Exit Administration Fee by the FSA):
You will pay the mortgage exit fee you agreed to in your most recently accepted mortgage offer, Additional Borrowing offer, product transfer offer or transfer of mortgaged property (transfer of ownership) offer.
You can view a list of our historic fees here
Customers who have any queries regarding this issue should call 0845 300 2627.
Transmission Fees: £35
Telegraphic Transfers - when you complete your mortgage we can transfer money through the banking systems to your solicitor's account without using a cheque. This means the money will arrive on the same day. A charge is made for each transaction.
Other Administration Charges: £75
Payment of ground rent or service charges.
Reassessment of Buildings Insurance cover – if you would like our valuers to check your current buildings insurance, a charge is made to cover an inspection of the property.
Collections and Recoveries Fees
Arrears letters: from £35
There is no charge for the first letter sent or telephone call made, but fees will be charged for any further contact.
Arrears statements: £15
This fee is charged to cover the cost of providing an additional statement of arrears on your account. A charge is not made for automatic statements.
Notification of broken arrangement: £40
This charge is made if you have made an arrangement to repay your arrears and then break your promise, this charge is made to cover our costs in notifying you.
Issue of a formal demand: £50
If we intend to take legal action to recover the arrears on your account we will formally notify you.
Instructing solicitors: £125
This charge is made where it becomes necessary to instruct solicitors to commence legal proceedings.
Banking fees: £35
This charge is made for returned Direct Debits / dishonoured cheques.
Other Expenses
Borrowers will have to pay any costs we pay to third parties that we may instruct to recover any money owed to us, or to create or protect our security, or in using our legal rights.
We may be required to pay external counselling agency fees and solicitors’ charges, which you will need to reimburse us for.
A copy of this information will be sent to you each year with your mortgage statement.
Please note the level of fees charged is subject to change and we advise you to check with us the cost of any fees or charges.
Our tracker rate mortgages are linked to Bank of England base rate (also know as Bank of England repo rate). Details of this rate can be found on the Bank of England website or in the Financial Times or other leading newspapers.
All our products are SUBJECT TO AVAILABILITY and can be withdrawn at any time
Your home may be repossessed if you do not
keep up repayments on your mortgage.
