Mortgage Policy

Lending Policy

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

Application Fee/Valuation 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 intermediary supporters 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;-

When The Application Fee/Valuation Fee is Charged and not refunded

  1. The Application Fee/Valuation Fee is charged (where appropriate) on submission of a new mortgage application.
    • 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 cannot find a suitable replacement, the fee will be transferred to any new application for the same customer(s). Not applicable to the valuation fee, there can be no transfer of valuation fee and a full new valuation fee will be required on submission of the new mortgage application.
  2. If the applicant cannot substantiate the information required to make a mortgage offer, for example, failure to provide:
    • sufficient evidence of income
    • sufficient evidence of employment
    • requested further information
  3. 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
  4. If they do not complete within the mortgage offer period.
  5. If the property's valuation doesn't meet expectations and the applicant does not proceed with the application

When the Application Fee is Refunded or Not Charged Again

  1. If the applicant applies for another mortgage within 6 months of an original application which didn't proceed and 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 (refund)
  3. If the Society makes a re-offer or agrees to extend an offer (no charge)
  4. If the Society is unable to make an offer and all the information is accurate and has been substantiated (refund)
  5. If the property's valuation does not meet expectations and the applicant chooses an alternative product (no charge) or submits a new application on a different property within 6 months of the original (fee transferred)

When the Valuation Fee is Refunded

  1. If the Society makes a mistake which results in the application not proceeding (refund)
  2. If upon receipt of further information which means that the case cannot proceed and the valuation has NOT YET been carried out (refund)

Please note; Valuation fees are payable per application and are not transferable to another property.

Product Switching Fee

Where a product switch is taking place (changing to a different interest rate) 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 5 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.

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