MORTGAGE RATES & CHARGES

For residential mortgages

Our tariff of charges fully reflects the good practice principles, which are being used across the industry to help customers compare mortgages.

When looking at the fees that other firms charge, you may notice some that don’t appear in our tariff (below). This means we don’t charge you these fees.

Before your first monthly payment

These are the fees and charges you may have to pay before we transfer your mortgage funds

Funds transfer fee (we call this ‘release of funds fee’) Electronically transferring the mortgage funds to you or your solicitor. This fee is normally deducted from the loan. £25
Product fee (we call this ‘product arrangement fee’) This is charged on some mortgages as part of the deal. 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. Further information on the product arrangement fee is given in the Key Facts Illustration which you were given when you made your mortgage application and in the “Mortgages and Additional Loans Important Information” leafl et. This fee may be payable depending on the mortgage product taken.
Re-inspection fee If your mortgage is released in stages and you’re using it to renovate your home, this covers the new valuation we need to do after the work’s carried out. £65
Further loan fee Charged for the administration costs for dealing with further borrowing. This fee is normally deducted from the loan. £100
Re-valuation fee Charged if we need to re-value your property. £75

If you ask us for extra documentation and/or services beyond the standard management of your account

Duplicate/interim statement 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. £20
Request for legal documentation fee (we call this ‘information from your title deeds’) Any original documents relating to your mortgage, e.g. title deeds, that you ask for. The fee will be debited to your mortgage account, although you may pay it separately if you wish. £25
Dispatching title deeds and documents Charged for sending title deeds and documents to your conveyancer and includes the cost of postage. The fee will be debited to your mortgage account, although you may pay it separately if you wish. £45

If you change your mortgage

NB: If you change to a new mortgage product, the ‘before your first monthly payment’ fees may also apply at this stage.

Early repayment charge (changing your mortgage) You may have to pay this if:
  • you overpay more than your mortgage terms allow or
  • you switch mortgage product or
  • lender during a special rate period (e.g. while you’re on a fixed or tracker interest rate)
Further information on the early repayment charge is given in the Key Facts Illustration which you were given when you made your mortgage application, and in the “Mortgages and Additional Loans Important Information” leaflet.
The charge will vary according to the type of mortgage product taken.
Change of term fee Extending or reducing the remaining term of your mortgage. £40
Change of payment method fee (we call this ‘change of repayment basis’) Transferring all or part of your mortgage from a repayment to an interest-only basis or transferring all or part of your mortgage from an interest-only basis to a repayment basis. £60
Partial release of property fee (we call this ‘release of security’) 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. £105
Change of parties administration fee (we call this ‘transfer of equity’) Our administration costs for adding or removing someone (a ‘party’) from the mortgage. £190
Giving you a reference 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. £55
Completing second charge questionnaire Charged if another lender requests information from the Society (with your approval) to enable them to consider giving you a loan secured on your property or after giving you a loan secured on your property. £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 upon your circumstances.

Unpaid/Returned direct debit or cheque Payable when your nominated bank rejects a direct debit collection, or your payment by cheque is returned unpaid by your bank. £20
Arrears fee (we call this ‘arrears charge’) You may be charged an arrears fee when specific events happen in the management of your account when you are in arrears. This covers charges in respect of your account if you fall behind with your payments. We will not charge this fee where you have an agreement to repay the arrears which you are maintaining. £25
Instructing solicitors Payable to cover the administration work involved each time we instruct solicitors to act in the collection of arrears of payments. £90
Sale of property in possession Payable to cover the administration costs in connection with the sale of a property which is taken into possession. Fees will also be charged for estate agency and legal work. £500

Ending your mortgage term

Early repayment charge (ending your mortgage) You may be charged this if you repay your mortgage in full before the mortgage term ends. Further information on the early repayment charge is given in the Key Facts Illustration which you were given when you made your mortgage application and in the “Mortgages and Additional Loans Important Information” leaflet. The charge will vary according to the type of mortgage product taken.
Mortgage exit fee (we call this ‘Redemption administration fee’) You may have to pay this if; Your mortgage term comes to an end; or, you transfer the loan to another lender; or, transfer borrowing from one property to another. 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. We will not charge this fee in the last 12 months of your mortgage. The amount of the fee will depend upon when you commenced your latest mortgage, further loan or mortgage product. We will tell you how much the fee will be when you request a redemption statement Up to £125
Repeat redemption statement requests Charged for providing each redemption statement where three or more redemption statements are provided to either you or your conveyancer within a twelve-month period. £25

Charges relating to your household insurance

Insurance cancellation fee Charged to cover the administration costs for dealing with the cancellation of an insurance policy which we have arranged. This fee will not apply if the insurance is cancelled from the annual renewal date of the policy. £10
Property insured by the borrower The Society requires every mortgaged property to be insured at all times. The amount of the insurance cover must be adequate to cover the re-instatement cost of the property. If you do not insure your property through us or you cancel the insurance we have arranged for you at any time, a one off fee will be payable to cover the cost of the Society arranging cover in the event that your property is not adequately insured. You will be responsible for ensuring that adequate insurance is taken out to cover the re-instatement cost of the property. £25

LATE PAYMENT OF MORTGAGE PAYMENTS, INSURANCE PREMIUMS AND CHARGES
If your mortgage payment, insurance premium or any charges are not paid in full, by the last day of the month, you will be charged interest on these items until they are paid.

CHANGES TO TERMS, CONDITIONS AND CHARGES
If there are significant changes to any of the terms, conditions or charges affecting your loan you will be sent written details of these changes. The charges set out in this leaflet will change from time to time. Our charges for services not referred to in this leaflet will be advised on request or at the time the service is offered.

LETTINGS
It is a condition of your mortgage that you obtain our consent before you let your property. For further information please contact any Cumberland branch or telephone 01228 403141.

Effective from 1 April 2016

Your mortgage is secured on your home. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.