As this is a report for mortgage valuation purposes it should not be relied upon to tell you what you need to know about the condition of a property, and it is strongly recomended that you arrange for a more detailed report of the property for your own protection. You will be given the opportunity on the mortgage application form to request the Society's valuer to contact you to explain the different types of report available and their costs.

Administration fee

An administration fee is payable on some applications to offset the costs incurred by us in processing your mortgage application. The amount of the administration fee is specified with the details of particular mortgage products. If your mortgage application does not proceed, we are not able to refund the administration fee if it has already been spent in processing your application.

Booking fee

A booking fee is payable on some particular products, e.g. fixed rates, to offset the costs to us of arranging funds. This is payable at the time of application. The amount of any booking fee is specified with the details of each particular mortgage product. If your mortgage application does not proceed, we may not be able to refund the booking fee if it has already been spent in arranging the fixed rate or cap, or processing your application.

Solicitors mortgage charges

As well as the conveyancing costs if you are buying a property, you are responsible for all legal costs associated with setting up the mortgage. If the solicitor you choose is on our panel, we can usually instruct the same solicitor so they can act for us at the same time as for you, and this will save you money. Some solicitors will quote a fee in advance, whilst others may charge a standard fee, although they have to charge more if the case is particularly complex. They will also add to their bill any other expenses such as stamp duty, land registry charge, and Local Authority search fees.

References from other lenders

If you already have a mortgage with another lender, we may ask that lender to provide a reference. Your lender may charge you for this.

CHAPS bank transfer fee

When your mortgage is due to ‘complete’ your solicitor will ask us to release the funds through the Clearing House Automated Payment System (CHAPS). The banks make a charge for this service, and a fee of £35 will be deducted from the amount transferred to your solicitor.

Accrued interest

Interest is charged on your mortgage from the day advised to the Society as the completion date, and is charged monthly. Accrued interest for the period from completion to the end of the month in which completion occurs is added to the mortgage account and is payable with your first monthly payment. Shortly after completion we will write to let you know the amount of accrued interest charged.

Higher Lending Charge - If applicable

If you borrow more than 75% loan to value, a Higher Lending Charge may be payable. This covers the cost of an insurance policy we will take out to protect us from the risks of lending a high percentage of the value of the property.

If your property is taken into possession by us in the future and is sold for less than the amount you owe us, the insurance policy allows us to recover the shortfall from the insurer. You will still have to pay all the sums due under the mortgage, including arrears, interest and our legal fees, and so the insurance policy does not protect you.

The insurer will be able to reclaim from you any money it pays us under the insurance policy. The cost of the insurance policy is paid by the Society for loans between 75.01% and 90.0% of the property value. For loans between 90.01% and 95% of the property value the cost must be paid by you to the Society's approved insurer.

Other miscellaneous costs

There are some other costs associated with the administration and servicing of you mortgage account which may occur before or after completion. These are outlined on our fees and charges sheet which you will receive with your Key Facts Illustration (KFI).