Tariff of mortgage charges
Please ensure that your client is fully aware of the charges that we will make for a number of services and facilities relating to their mortgage.
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Valuation Fee Charging and Refund Policy
The Valuation Fee is charged (where applicable to your product) on submission of a new mortgage application.
Please note this list provides some examples and is not intended to be an exhaustive list.
When the Valuation Fee is refunded
Valuation Fees (where applicable) may be refunded if:
- If the Society makes a mistake which results in the application not proceeding after submission of the full mortgage application
- If we receive further information which means the case can't proceed, or if the customer wishes to cancel, as long as the valuation hasn't yet been carried out.
Please note valuation Fees are payable per application and are not transferable to another property (if a valuation has already been carried out).
When the Valuation Fee is not refunded
- If the applicant decides not to proceed with the application or loses the property for any reason, at any time after the valuation has been carried out
- If the applicant cannot substantiate the information required to make a mortgage offer (for example, failure to provide sufficient evidence of income)
- If material facts have not been disclosed relating to their application (for example, failure to disclose mortgage or rent arrears)
- If they do not complete before the mortgage offer has expired
- If the property's valuation doesn't meet our expectations and the applicant does not proceed with the application.
Application/Completion Fee Charging and Refund Policy
The Application Fee is charged (where applicable) on submission of a new mortgage application.
Please note this list provides some examples and is not intended to be an exhaustive list.
When the Application/Completion Fee is refunded or not charged again
- If the applicant applies for another mortgage within six months of an original application which didn't proceed and where a fee was paid, it will be transferred to the new application
- If the Society makes a mistake, which results in the application not proceeding, a refund will be made
- If the Society makes a re-offer or agrees to extend an offer, no additional charge will be made
- If the Society is unable to make an offer and all the information is accurate and has been substantiated, a refund will be made (for example, if the valuation is not satisfactory).
If the property's valuation does not meet expectations and that applicant chooses an alternative product, there will be no charge. If the applicant submits a new application on a different property within six months, the fee will be transferred.
When the Application/Completion Fee is charged and not refunded
- If the applicant decides not to proceed with the application at any time after processing has begun
- If they are unable to sell their existing property
- If they lose the property they were originally purchasing and can't find a suitable replacement, the fee will be transferred to any new application for the same customer(s)
- If the applicant can't substantiate the information required to make a mortgage offer (for example, failure to provide sufficient evidence of income)
- If material facts have not been disclosed relating to their application, for example, failure to disclose:
- mortgage or rent arrears
- adverse credit which falls outside our standard lending criteria
- all their other loans, credit card or other commitments
- If they do not complete within the mortgage offer period
- If the property's valuation doesn't meet expectations and the applicant does not proceed with the application.