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Tariff of charges (for mortgages)
Newbury Building Society (NBS) and Newbury Mortgage Services (NMS) charge borrowers for a number of services and facilities relating to mortgage accounts. This section provides you with a list of charges that will be incurred by borrowers in different situations. The tariff will be revised from time to time under the terms of your mortgage deed. If you need further help in understanding any of the following please contact your local branch or Head Office on 01635 555700. This tariff of charges is effective from 1st January 2007 for all our borrwers.
Unless otherwise stated, interest will be charged on any fee or charge debited to the mortgage account from the date it is debited. You may avoid such interest charges by paying the appropriate fee or charge to NBS/NMS before the account is debited with the charge.
| Arrears letter - this charge applies to any letter we send to borrowers whose accounts are two months or more in arrears. | £25 |
| Arrears referred to solicitor - this charge is made when an account is referred to a solicitor for handling. All fees charged by the solicitor are payable in addition to this charge. | £50 |
| Arrears administration - this charge is payable if your account has been referred to solicitors for legal action, and possession proceedings have been started against you. All fees charged by the solicitor are payable in addition to this charge. | £100 |
| Arrears counselling - this charge is made when an external debt counselling agency meets with you to discuss your account. | £125 |
| Change of account holders - this charges covers our costs in transferring all or part of a mortgage into different names. This is sometimes called a 'transfer of equity' or 'transfer of title'. | £60 |
| Conversion of repayment type - this charge covers our costs in transferring all or part of your mortgage from a capital and interest repayment mortgage to an interest only mortgage, or vice versa. | £50 |
| Deeds photocopy and deeds inspection - this charge covers the costs of supplying copy extracts from title deeds or obtaining up to date details from the land registry for you. | £20 |
| Deed of postponement - this fee is charged when a further advance is granted where a second mortgage in favour of another lender is postponed in favour of our further advance. | £60 |
| Deed of variation - this charge is made whenever you request a variation to your existing mortgage terms and conditions, to which we agree. | £60 |
| Deeds release fee - this fee is charged when the title deeds to your property are requested by and sent to your legal representative. | £35 |
| Further advance basic administration - this charge is made to cover the costs of our administrative documentation on all further advance applications. | £75 |
| Life assurance/endowment assignment - this fee is charged whenever we assign a policy of life assurance on a mortgage account. | £50 |
| Lease approval - this charge covers our legal costs in deciding whether or not to approve a change of lease on a commercial property. | £150 |
| Lenders reference - this fee covers the cost of completing a mortgage reference request received from another lender with whom you propose taking out another mortgage. | £50 |
| Letting initial approval - this fee is payable when you make an application for consent to let a mortgaged property. All lettings must be completed using Assured Shorthold Tenancy Agreements. Should it be necessary to refer any tenancy documentation to our solicitors, you will responsible for payment of any legal fees incurred. | £70 |
| Letting subsequent approval - this fee is payable when we approve a subsequent letting of your property, for instance on a change of tenants or a change of tenancy agreement. | £40 |
| Non-payment of ground rent/insurance - this fee applies to leasehold property where the landlord serves a notice for non-payment of the ground rent or service charge. The ground rent or service charge will also be debited to your mortgage account in addition to this fee. | £50 |
| Non standard account enquiry - this fee is charged when a request is received from you or your representatives for any information held on file, not covered by other fees in this tariff. | £25 |
| Own buildings insurance - this fee covers the administration cost and contingency cost of you arranging your own buildings insurance. This fee is not payable on leasehold properties where the lease provides for the arrangement of buildings insurance. | £25 |
| Product conversion - this fee is payable whenever a request to transfer to a new product type is agreed by us, and is in addition to the arrangement fee that may be charged relating to some products. The fee covers the costs of converting your mortgage to the new product chosen. | £100 |
| Property sold in possession - this fee covers the costs in dealing with all adminstrative matters relating to the sale of your property, when in our possession. All disbursements relating to the sale will be charged in addition to this fee. | £250 |
| Reinspection/final inspection - this fee is payable for inspections required for stage releases and/or a final inspection of a new property. This fee is also charged for a revaluation of a property to determine whether the release of a retention held from the mortgage advance should be made. | £65 |
| Revaluation without additional borrowing & revaluation with additional borrowing under £10,000 - this fee is payable whenever you or we request a revaluation of your property in order to determine its current value for mortgage purposes. | £75 |
| Revaluation with additional borrowing over £10,000 - this fee is payable whenever you or we request a revaluation of your property in order to determine its current value for mortgage purposes. | £100 |
| Revaluation with additional borrowing over £50,000 - this fee is payable whenever you or we request a revaluation of your property in order to determine its current value for mortgage purposes. | £125 |
| Recalculation of buildings insurance (without revaluation) - this fee is charged for an up to date assessment by a qualified person of the rebuilding cost of the property for buildings insurance purposes. | £30 |
| Redemption statement - this fee is payable if you request more than one redemption statement from us during the lifetime of your mortgage. The first redemption statement is free. | £20 |
| Mortgage Exit Administration Fee (MEAF) - this charge is made whenever we release your property from mortgage to us (or if we release part of your property from mortgage with us). This fee includes the cost of sending title deeds to another lender, yourselves or an authorised party. | £100 |
| Replacement interim certificate of interest - this charge is made if you request a further copy of a MIRAS 5 or certificate of interest already issued to you. | £15 |
| Replacement statement - this charge is made if you request a further copy of an annual statement already issued to you. | £15 |
| Interim statement - this charge is made if you request a statement of your mortgage account before the end of our current financial year. | £15 |
| Return of standing order/direct debit or unpaid cheque - this charge is made on all mortgage payments paid by these methods that are recalled by the bank. | £25 |
| Second mortgage questionnaire - this fee is charged when we provide title and account information to a proposed second mortgagee. | £60 |
| Stage payment release - this fee is payable on release of funds for any stage payment or for a retention made at your request from the initial advance. | £25 |
| Copy of records held under Data Protection Act - this charge is payable if you request a copy of the records held by us about you. | £10 |
| Payment by CHAPS - this charge is made if your mortgage completes by payment through the Clearing House Automated Payments System (CHAPS). | £25 |
| Photocopied document - this charge is made if you request a photocopy or photocopies of any document held by us in respect of your mortgage account. | £5 |
| Breakdown of annual statement - this fee covers the administration costs involved in producing detailed information relating to a mortgage account over and above that contained in your annual statement of account. | £25 |
| Valuation fee - this fee is payable directly to us at the time the mortgage application is made. The amount charged relates to the purchase price/value of the property. The fee covers the costs of an internally appointed valuer or the charge made by an independent valuer to prepare a report and valuation of the proposed security. | £varies |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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