Fees and charges
Valuation fees
Visit our dedicated page for more information around valuation criteria, fees and our appeal process.
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 This applies even if we have changed or withdrawn the chosen product.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)
An Early Repayment Charge (ERC) will apply if your client:
- makes an overpayment over their allowance or
- redeems their mortgage during the term of their deal.
When calculating the ERC, we deduct from the balance used any overpayment allowance remaining in the year. We'll set the ERCs at the start of the mortgage term.
Your client won’t have to pay an ERC if they are:
- 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 balance.
Tracker products
Your clients can make unlimited overpayments without incurring a charge. This also applies if they're switching a tracker product to a fixed rate product.
For products reserved prior to 2 May 2014, please refer to your client's mortgage offer. Tracker rate mortgages reserved after 2 May 2014 have no ERCs.
Porting
From 22 May 2023, we'll treat a partial port the same way as an overpayment when calculating ERCs. We'll only charge an ERC on the difference if the amount that isn’t ported is higher than the unused overpayment allowance for the year.
Fixed products
| Deal Term | Percentage Payable (Year) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
| 2 year fixed | 2% | 1% | ||||||||
| 3 year fixed | 3% | 2% | 1% | |||||||
| 5 year fixed | 5% | 4% | 3% | 2% | 1% | |||||
| 10 year fixed | 6% | 6% | 6% | 6% | 6% | 5% | 4% | 3% | 2% | 1% |
You can refer to your client's mortgage offer for fixed term products reserved prior to 13 September 2024.
Products reserved from 29 May 2013
- Our fixed and tracker rate mortgages have an overpayment allowance of up to 10% of the initial balance. This is minus any administration fees
- Your client will incur an ERC if they overpay by more than 10% in one mortgage anniversary year. This is payable on the amount above the overpayment allowance. You can find details about the percentage amount above.
Products reserved on or before 28 May 2013
- The overpayment allowance is £500 per calendar month
- Your client will incur an ERC if they overpay by £500.01 or more in one calendar month. This is payable on the entire overpayment amount.
Products reserved from 2 May 2014 to 7 October 2014
- For 5 year fixed products, the percentage charge payable is 4%.
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 directly 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, however, 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. A new product must be selected 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, such as:
- 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 and ensure a copy of this guide is provided 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 will charge interest on them.