Fees and charges
Valuation fees
Visit our valuation page for more information around criteria, fees and our appeal process.
Tariff of charges
To find out when you might need to pay a fee for the administration of your mortgage, download our Tariff of charges guide
Product reservation
We offer a range of fixed and tracker rate products. This includes a selection without a product fee.
With product fee
We offer a range of mortgages that include a product fee. The following eligibility applies:
- Your client can pay the product fee when they apply or the fee can be added to the loan. The total of the loan and the fee mustn’t exceed the client’s affordable amount.
- Adding the product fee to the loan could push your client over an LTV threshold. This is acceptable, provided the loan amount is affordable.
- We'll charge interest if your client adds the fee to their loan during the term of the loan.
- If your client is paying the fee upfront, this must be with the application. Once the fee payment has been made, your client will have reserved the product. This can happen either at the product reservation stage or prior to submitting the application. This applies even if we have changed or withdrawn the chosen product.
- The product fee is non-refundable at completion. Your client will have 90 days from the day after product reservation to complete the application process. And be in receipt of an offer.
- You will have reserved the selected product:
- once a fee is added to the loan and
- the product reservation section of the application has been completed.
- Once your client has paid the product fee upfront, to change their product they'll need to continue to pay a product fee upfront. If they wish to choose a fee free product or add the fee to the loan, they’ll need to submit a new application. To do this they'll need to choose a new product from the current product range and add the fee to the loan.
Without product fee
We offer a range of mortgages that don’t have a product fee. The following eligibility applies:
- If your client chooses the no product fee option they'll pay a higher rate of interest over the deal period.
- Your client will have 90 days from the day after product reservation. This will let them complete the application process and be in receipt of an offer.
- Once your client has completed the product reservation section, they will have reserved their product.
Early Repayment Charges (ERCs)
If your client reserved their mortgage before 13 September 2024, ERC details can be found in their mortgage offer.
When ERCs apply
Your client will incur an ERC if they:
- make overpayments over 10% in one mortgage year, as they'll have paid more than their overpayment allowance or
- redeem their mortgage during the term of their deal.
When calculating the ERC, we deduct from the balance any used overpayment allowance remaining in the year. ERCs are set at the start of the mortgage term.
When ERCs don't apply
Your client won’t have to pay an ERC if they are:
- on a tracker rate mortgage
- in the final calendar month of their deal,
- taking out a new mortgage with us or switching in the last 3 months of the existing product term, or,
- porting the full mortgage balance to a new property.
Also, we will waive the ERC in the following situations:
- On the death of a customer or their spouse/partner
- When redeeming a mortgage via a terminal or critical illness policy.
Proofs may be requested. Additional ERC waivers may be considered in exceptional circumstances. You can contact us for more information.
ERC rates
| Product term | Yearly ERC's |
|---|---|
| 2 year fixed |
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| 3 year fixed |
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| 5 year fixed |
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| 10 year fixed |
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Use the ERC calculator (opens in a new window) on our customer website for a estimate of what your client might pay if they choose to pay off or switch their mortgage before the current deal ends, or if they pay over their allowance.
Legal costs
House Purchase
We will use the same solicitor as your client if they are on our panel.
- Your client will be liable for our legal costs. We will list these separately on the invoice from their solicitor
- Your client will have to reimburse their solicitor for various charges incurred on their behalf. This could include Search fees and Land Registry registration fees.
Remortgage
Free standard legal fee products
We'll share your client’s details with our conveyancing partners and they'll have a conveyancer allocated within two working days of submitting their mortgage application. The conveyancer will contact your client if they need additional information from them.
We’ll pay the standard legal work, which covers basic legal costs including the conveyancers professional fee and standard disbursements. To repay their existing mortgage, your client will need to pay a fee to transfer the funds.
If the valuer raises concerns about fire safety on a property, we can't proceed on a free legal fee basis. We'll contact you to let you know. You'll then need to select a new product using solicitors from our panel.
Non-standard fees
Your client will be required to pay all charges and fees relating to non-standard work that a conveyancer deems necessary.
This includes:
- mining or any other unusual search fees
- fees for first registration of the title at H.M. Land Registry
- dealing with a change of name on the title deeds or a transfer of equity
- additional work required to put title deeds in order etc
For a full list of non-standard fees your client may have to pay please see our additional charges guides. You must provide a copy of this guide to your client. The acting solicitor will send your client a full list of the non-standard fees in the initial instruction letter.
For leasehold cases, the ‘free standard legal fees’ scheme doesn’t include any fees your client must pay:
- to the freeholder or management company
- for carrying out a company search or obtaining company documentation in respect of management company
Cashback option
Where your client takes the cashback option with one of our remortgage products they will be responsible for:
- appointing their own solicitor
- payment of all conveyancing fees
Arrears
If your client defaults on their mortgage payments, they may be liable for the following charges:
| Arrears Type | Fee |
|---|---|
| Home Visit Fee | Up to £100 +VAT |
| Unpaid Item Type | Fee |
| Unpaid Cheque | £0 |
| Unpaid Direct Debit | £0 |
| Unpaid Ground Rent | £65 |
Any charges applied will be added to the mortgage account, and we'll charge interest on them.