Understanding Our Fees and Charges
Our Tariff of Charges fully reflects good practice principles. This same information is being used across the industry to help customers compare the fees and charges applied for services.
When looking at the fees that other firms charge, you may notice some that don’t appear in our tariff. This means we don’t charge you these fees.
The following charges apply to special services:
Fees charged before your first monthly payment
These are the fees and charges you may have to pay before we transfer your mortgage funds.
What is this charge for?
Assessing and processing your application (even if your application is unsuccessful or you withdraw it).
How much is the charge?
Fee available on request
What is this charge for?
Assessing and processing your application (even if your application is unsuccessful or you withdraw it).
How much is the charge?
£750
What is this charge for?
You will normally instruct a solicitor to act on your behalf in connection with your home purchase or re-mortgage transaction. You may be required to pay their legal fees and costs as part of their work on your behalf. These fees/ costs are normally charged by the solicitor directly to you unless we tell you that we will contribute to the legal costs as part of your product deal.
How much is the charge?
Fee available from your solicitor
What is this charge for?
If your mortgage is released in stages and/or you’re using it to renovate your home, this covers the new valuation we need to do after the work is carried out. We may need the valuer to re-inspect on more than one occasion. This fee is per re-inspection.
How much is the charge?
£100
What is this charge for?
This is charged on some mortgages as part of the deal. It can be paid up front or added to the total mortgage amount. Mortgage Application fees differ from product to product (e.g. fixed or variable rates) and will be advised on request or by reference to the Society's current lending package.
How much is the charge?
Fee available on request
What is this charge for?
The basic assessment that is carried out on a property which enables a lender to decide whether to lend on the property by assessing its condition and likely value is called a valuation report. This basic valuation report is for the Society’s benefit only. This is separate from any valuation or survey of the property you might want to commission. There are other home buyers or structural survey options available to you at a cost and there may be different approaches in different parts of the UK. Some mortgages offer free valuations. We will tell you the valuation fee which applies to your mortgage deal.
How much is the charge?
Property value
- £0 - £300,000: £245
- £300,001 - £500,000: £395
- £500,001+: £495
What is this charge for?
If your mortgage is released in stages. This is a one-off fee.
How much is the charge?
£100
What is this charge for?
The higher lending charge is applicable whenever the mortgage advance exceeds the Society’s normal lending limit of 80% of the purchase price or valuation which-ever is the lower. The charge is calculated as a percentage of the amount in excess of 80% of the purchase price or valuation. The Society may pay the charge on the customers behalf depending on the mortgage product selected.
How much is the charge?
Fee available on request
Fees charged if you ask for additional documentation and / or service beyond the standard management of your account
What is this charge for?
Requesting a copy of a previous mortgage statement or an interim statement of your account as it stands. It might be paid by you or another lender.
How much is the charge?
£15
What is this charge for?
Any original documents relating to your mortgage, e.g. Title Deeds that you ask for.
How much is the charge?
£50
What is this charge for?
Requesting a copy of a previously issued certificate of interest paid.
How much is the charge?
£10
What is this charge for?
If you obtain a grant to repair your home this fee reflects the administrative cost in confirming Title to the Northern Ireland Housing Executive (NIHE).
How much is the charge?
£25
This fee is to cover the cost of dealing with unpaid ground rent and service charges for leasehold properties in order to protect the Society's security. The fee will be charged to your account together with the amount of unpaid ground rent and service charges. We will advise you of the amount of ground rent/service charges and we will attempt to resolve the matter with you before we pay these on your behalf.
Fees charged before your first monthly payment
If you change your mortgage
What is this charge for?
This is charged on some mortgages as part of a new deal (e.g. a switch from one type of mortgage product to another with the Society). It can be paid up front or added to the total mortgage amount. If you add it to your mortgage, you'll pay interest on it at the same rate as the rest of your borrowing. It might be a flat fee, or a percentage of the loan amount.
How much is the charge?
Fee available on request
What is this charge for?
You may have to pay this if:
-
You overpay more than your mortgage terms allow;
-
You switch mortgage product or lender during a special rate period (e.g. while you're on a fixed or variable interest rate).
The charge is normally a percentage of the amount of mortgage balance repaid.
How much is the charge?
Fee available on request
What is this charge for?
Transferring all or part of your mortgage from a repayment to an interest only basis.
How much is the charge?
£75
What is this charge for?
Payable if you want to remove part of the property or land from the mortgage. It covers administration costs, including sealing the relevant legal deed and issuing letters of consent.
How much is the charge?
£175
What is this charge for?
Our administrative costs of adding or removing someone (a ‘party’) from the mortgage.
How much is the charge?
£250
What is this charge for?
Our administration costs for completing requests for information about your mortgage account to third parties. We will only supply this if you have given us permission.
How much is the charge?
£75
What is this charge for?
Charged if another lender asks us for a mortgage reference, such as how you have managed your mortgage account with us. We will only supply this if you have given us permission.
How much is the charge?
£75
What is this charge for?
Our administrative costs in processing a request for additional borrowing.
How much is the charge?
£250
What is this charge for?
If a re-valuation of your property is required.
How much is the charge?
£100
What is this charge for?
Funds transferred outside the Society via the CHAPS system.
How much is the charge?
£25
If you are unable to pay your mortgage
These are the most common charges you may have to pay if you fail to keep up with your mortgage payments. Some charges, for example, those covering unpaid / returned direct debits or cheques, occur at the early stages of your inability to pay (arrears). Other charges, for example, relating to our repossession of the property, may apply later in the process and will be dependent on your circumstances.
What is this charge for?
You may be charged an arrears fee when specific events happen in the management of your account when you are in arrears.
How much is the charge?
£12
What is this charge for?
This covers the administrative costs associated with managing your account if you fall behind with your payments.
How much is the charge?
£12
What is this charge for?
If your account is referred to the Society’s solicitors to instigate proceedings to recover arrears, this fee is charged on an annual basis to reflect the cost involved in Society staff monitoring the account and liaising with the solicitor.
How much is the charge?
£150
What is this charge for?
The legal fees charged by the Society’s solicitor in respect of the work required to recover arrears. This may also include legal and sale costs in the event of the sale of the property.
How much is the charge?
Fee available on request
Ending your mortgage term
What is this charge for?
You may be charged this if you repay your mortgage in full before the mortgage term ends. The charge is normally a percentage of the amount of mortgage balance repaid.
How much is the charge?
Fee available on request
What is this charge for?
You may have to pay this if:
• Your mortgage term comes to an end;
• You transfer the loan to another lender;
• You transfer borrowing from one property to another; or
• You repay your mortgage before the end of the scheduled term:
This is payable either at the end of the mortgage term or before the end of your mortgage term if you transfer the loan to another lender or another property (known as ‘redemption’). You may be charged a separate fee by your solicitor or licensed or qualified conveyancer for their work relating to redemption of the mortgage and discharge of the security.
How much is the charge?
£85 Deeds Production fee
£85 Deeds Sealing fee
What is this charge for?
The preparation of the figure required to repay your mortgage account in full.
How much is the charge?
£25