Tariff of Mortgage Fees
Below is a summary of fees that your clients may be required to pay in relation to our mortgages.
When looking at the fees that other firms charge, you may notice some that don’t appear in our tariff. This simply means we don’t charge you these fees.
Further information about how we deal with charges and costs can be found in the Mortgage Conditions & Explanations brochure we send with a mortgage offer.
|Name of Charge||Details of charge||Amount of Charge|
|Fees payable on completion of your mortgage|
|Product fee||You may have to pay this fee before we complete on your mortgage. This will depend on the mortgage product and will be disclosed in the product details. It can be paid at completion, where it will be deducted from the advance amount. Alternatively, you may choose to add this to the total mortgage amount. If you do this, 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.||This fee varies and will be listed as part of the details of a product shown in your Illustration and Mortgage Offer.|
|Fees payable during your mortgage|
|Early Repayment Charge (ERC)||An ERC may be payable if:|
– You repay your mortgage during a preferential rate period.
– You overpay more than your current preferential rate allows.
– You change lender during a preferential rate period.
|The fee will be a percentage of your current balance. Please refer to your Mortgage Offer or contact us for more details.|
|Returned Cheques/ Direct Debits||This fee is payable if a cheque or direct debit is rejected by your bank.||£15|
|Funds Release Fee||If your mortgage is released in stages, or you take out additional borrowing, we will charge this fee to cover our costs when we release each tranche of funds.||£25|
|Change of Term||This fee is payable if you want to change the term of your mortgage.||£50|
|Change of Repayment vehicle||If you wish to change the way you repay your mortgage (for example from Interest Only to Capital Repayment or vice versa, or to change the way you intend to repay your Interest Only mortgage we will reassess your circumstances. We may agree to waive this fee if you are applying to convert all or part of your mortgage to a Capital Repayment basis.||£50|
|Change of Borrower||This fee is payable if you want to remove or add a borrower to your mortgage.||£100|
|Consent to Let Mortgaged Property||If you have a Residential mortgage, it is against the conditions of your mortgage to let the property. If your circumstances have changed, we may grant a temporary consent for you to let the property for up to two years. Conditions will apply and your mortgage will remain regulated by the Financial Conduct Authority.||£100|
|Further Advance admin fee||This fee is payable if you wish to take out additional borrowing through the Society.||£100|
|Completion of a Lender’s or Second Lender’s Reference||If your new Lender requires information from the Society about your mortgage, we can usually oblige, but we will charge you a fee for this.||£50|
|Part Release of Security||If you wish to release the charge on part of the security, we will consider your request on payment of this fee. We may need to instruct a revaluation of your property for which there will be a charge (please refer to our valuation fee table).||£100|
|Closing Fee when you close your account||This fee is payable when you redeem your mortgage.||£100|
|Fees payable should your mortgage fall into arrears|
You must also meet other additional costs we incur. These costs may include such things as the following work, which third parties may do on our behalf:
|Solicitors Fees||Any fees charged by the Solicitor in connection with possession proceedings will be debited to your account.||At cost|
|Field Agent||A Field Agent is a third party who will make a visit to the property to discuss your financial circumstances on our behalf.||At cost|
|Court Fees||Any fees or other costs that may arise if court action is required regarding non-payment of your mortgage.||At cost|
|Asset Managers costs||Asset Managers are third parties who will manage the marketing and sale of a repossessed property.||At cost|
If you have any questions about any of the fees please contact our Mortgage Administration team via Webchat on our website at www.bathbuildingsociety.co.uk via email at email@example.com or by phone on 01225 475719.
Telephone calls may be recorded to help the Society to maintain high standards of service delivery.
Your property may be repossessed if you do not keep up repayments on your mortgage.