Lending Policy

Please ensure that your client's application meets our lending criteria set out in the A-Z Lending Criteria Guide.

View A-Z Lending Criteria Guide

Valuation Fee/Application Fee Charging and Refund Policy

Some of our mortgage products require an application fee to be collected when the new application is submitted.

To ensure our fees are transparent and our customers and intermediaries understand when this fee is chargeable, when it will be transferred or not charged again and when it can be refunded, the following rules apply:-

Valuation Fee

The Valuation Fee is charged (where applicable to your product) on submission of a new mortgage application.

When the Valuation Fee is refunded

  1. If the Society makes a mistake which results in the application not proceeding after submission of the full mortgage application.
  2. If upon receipt of further information or the customer wishes to cancel, which means that the case can't proceed and the valuation has not yet been carried out.

Please note: Valuation Fees are payable per application and are not transferable to another property (if a valuation has aleady been carried out). This applies even if the original valuation was free.

When the Valuation Fee is not refunded

  1. 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.
  2. If the applicant cannot substantiate the information required to make a mortgage offer (for example, failure to provide sufficient evidence of income)
  3. If material facts have not been disclosed relating to their application (for example, failure to disclose mortgage or rent arrears)
  4. If they do not complete before the mortgage offer has expired.
  5. If the property's valuation doesn't meet our expectations and the applicant does not proceed with the application.

Application Fee

The Application Fee is charged (where appropriate) on submission of a new mortgage application.

When the Application Fee is refunded or not charged again

  1. 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.
  2. If the Society makes a mistake, which results in the application not proceeding, a refund will be made
  3. If the Society makes a re-offer or agrees to extend an offer, no additional charge will be made
  4. 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 Fee is charged and not refunded

  1. If the applicant decides not to proceed with the application at any time after processing has begun
  2. If they are unable to sell their existing property
  3. 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)
  4. If the applicant can't substantiate the information required to make a mortgage offer (for example, failure to provide sufficient evidence of income).
  5. 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
  6. If they do not complete within the mortgage offer period
  7. If the property's valuation doesn't meet expectations and the applicant does not proceed with the application

Product switching fee

Where a product switch is taking place (changing to a different product) on cases already submitted, a £250 fee must be paid up front prior to the switch. The £250 fee is non-refundable once the product switch has taken place.

Product withdrawals

When a product withdrawal is announced, the products will be removed from all sourcing systems and our website at 6pm on the same day. In line with our Real Life Lending Charter, where a Mortgage Illustration (MIL) has been produced for your client, you will have five working days to submit a full mortgage application, following a product withdrawal.

Tariff of mortgage charges

Please also 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.

 Tariff of Mortgage Charges

Please note: You will need Adobe Acrobat v7.0 or later in order to view these PDF files.

To get the latest version, click here.

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