Newbury Building Society’s tariff of charges, reflects the good practice principles across the mortgage industry for making fees and charges easy for you to understand.
This same tariff is used across the industry to help customers compare mortgages. When looking at the fees that other firms charge, you may notice some that don’t appear in our tariff. This means we don’t charge you these fees.
All fees are non-refundable. This means that once you have agreed to, or received the benefit of a service, we cannot repay the charge to you. All charges are modelled to ensure they reflect a fair administrative cost of the service.
When you will pay this charge |
| Before your first monthly payment - These are the fees and charges you may have to pay before we transfer your mortgage fund. |
| Name of charge | What this charge is for | How much is the charge? |
| Booking | If you would like to secure a limited edition deal, usually with a fixed interest rate. |
This will vary depending on the deal you choose. Ask your Mortgage Adviser for more information. This charge is non-refundable in the event the mortgage does not proceed for any reason. |
| Legal | You will normally instruct a solicitor to act on your behalf in connection with your home purchase transaction and sometimes when you switch your mortgage from lender to lender. You may be required to pay their legal fees and costs as part of their work on your behalf. These fees / costs are normally charged by the solicitor, directly to you unless we tell you that we will contribute to the legal costs as part of your deal. |
The legal fee will vary depending on the solicitor you appoint. For most remortgage deals we will complete the legal process and documentation ourselves without charge. |
| Deal (at Newbury Building Society we calll this a Deal Application Fee) | This is charged on some mortgages as part of the deal. It can be paid up-front or added to the total mortgage amount. If you add it to your mortgage, you’ll pay interest on it at the same rate as the rest of your borrowing. It might be a flat fee, or a percentage of the loan amount. |
This will vary depending on the deal you choose. Ask your Mortgage Adviser for more information. |
| Re-inspection |
If your mortgage is released in stages and you’re using it to renovate your home, this covers the new valuation we need to do after the work is carried out.
|
£150 per inspection. The number of inspections required may vary but they will usually take place at each stage release. |
| Stage release | When we send you a stage payment or payment of any mortgage funds we held back for you to complete work to your property. This is payable in addition to the re-inspection fee. For some cases, usually self-build mortgages, we will incorporate the cost of the stage release fees into the initial deal fee. If stage release fees apply they will be detailed in your mortgage offer. |
£55.00 |
| Valuation (at Newbury Building Society we call this a Basic Valuation Fee) | The lender’s valuation report, which is used to calculate how much it will lend you. This is separate from any valuation or survey of the property you might want to instruct yourself. There are other homebuyers or structural survey options available to you at a cost and there may be different approaches in different parts of the UK. Some mortgages offer free basic valuations – the deal details for your mortgage will tell you if this is the case. |
Please see the table below for our valuations fees. |
| £ market value | £ basic valuation fee |
£ HomeBuyer report (including the basic valuation fee) |
| £100,001 to £150,000 | 200 | 450 |
| £150,001 to £200,000 | 225 | 500 |
| £200,001 to £300,000 | 275 | 600 |
| £300,001 to £400,000 | 350 | 700 |
| £400,001 to £500,000 | 400 | 800 |
| £500,001 to £750,000 | 600 | 1,100 |
| £750,001 to £1 million | 700 | 1,500 |
| £1,000,001 to £1.5 million | 1,000 | 1,750 |
| £1,500,001 to £2 million | 1,200 | 2,250 |
| £2,000,001 to £2.5 million | 1,500 | 2,500 |
| £2,500,001 to £3 million | 1,750 | 3,000 |
| £3,000,001 to £3.5 million | 2,200 | On request |
| £3,500,001 to £4 million | 2,680 | On request |
| £4,000,001 to £4.5 million | 3,100 | On request |
| £4,500,001 to £5 million | 3,550 | On request |
| If you ask us for extra documentation and/or service beyond the standard management of your account |
| Name of charge | What this charge is for | How much is the charge? |
| Breakdown of annual statement | A request for detailed information and explanation relating to your mortgage account over and above that contained in your annual statement. Your annual statement is sent in November each year to tie in with our financial year end on 31 October. | £25.00 |
| Deed of variation | Whenever you or your conveyancer/solicitor request a variation to your existing mortgage terms and conditions, to which we agree e.g. remove a property restriction, lease extension. | £40.00 |
| Commercial lease approval | The legal costs in deciding whether or not we will approve a change of lease on a commercial property. This fee is charged by our solicitors and therefore is subject to VAT. The charge will vary depending on the complexity of the lease. | £200 - £700 plus VAT |
| Second mortgage questionnaire | Charged if a lender asks us for information about your mortgage and property title to assist with your application for a loan that is to be secured against your property. We will only supply this if you have given us permission. | £20.00 |
| Non-standard account enquiry | This fee is charged when a request is received from you for a service that is unusual and is therefore not covered by fees in this tariff. We will assess the complexity of your request and charge a fee that reflects the level of administration involved. | Upper limit of £50.00 |
| Subject access request (complex) | We will not usually charge a fee in relation to a request for copies of information we hold about you. However if the request is malicious, excessive or repetitive we will assess the complexity of your request and charge a fee that reflects the level of administration involved. |
Upper limit of £50.00 |
| When you will page this charge |
| If you change your mortgage. NB: If you change to a new mortgage deal, the 'before your first monthly payment' fees may also apply at this stage. |
| Name of charge | What this charge is for | How much is the charge? |
| Early repayment charge (changing your mortgage) |
You may have to pay this if:
|
This will vary depending on the deal you choose and the timing of your overpayment or switch. The amount is detailed in your mortgage offer and annual statement. |
| Further advance | This covers the administration involved when you apply for additional funds under an existing mortgage (further advance). | £120 |
| Revaluation | Whenever you request or we require a revaluation of your property for mortgage purposes e.g. further advance, releasing part of your land, transferring the ownership of your property. |
This varies, depending on property value:
|
| Change of term |
Extending or reducing the remaining term of your mortgage. At Newbury Building Society, we do not charge for a temporary change to assist with financial difficulty. |
£100 |
| Change of repayment method |
Transferring all or part of your mortgage from a capital and interest repayment to an interest-only basis. At Newbury Building Society, we do not charge for a temporary change to assist with financial difficulty. |
£100 |
| Partial release of property | Payable if you want to remove part of the property or land as security for the mortgage and we agree to the change. It covers administration costs, including dealing with the legal documents and consenting to the change. | £60 |
| Change of parties (At Newbury Building Society we call this a Transfer of Equity Fee) | Our administrative costs of adding or removing someone (a ‘party’) from the mortgage and/ or title deeds, should we agree to your application. | £180 |
|
Consent to let (At Newbury Building Society we call this a Letting Approval Fee) |
If you want to let your property but do not have a buy-to-let mortgage, you’ll pay this for each consent-to-let agreement where we agree to you letting out your property for a set period. | £115 |
|
If you are unable to pay your mortgage. These are the most common charges you may have to pay if you fail to keep up with your mortgage payments. Some charges,for example those covering unpaid / returned direct debits or cheques, occur at the early stages of your inability to pay (arrears). Other charges, for example, relating to our repossession of the property, may apply later in the process and will be dependent on your circumstances. |
| Name of charge | What this charge is for | How much is the charge? |
| Unpaid/returned direct debit or cheque |
Payable when your bank rejects, or you cancel, a direct debit collection, or your payment by cheque is returned unpaid by your bank. At Newbury Building Society we do not charge the first time this happens. |
First time: £0 Subsequent times: £10 |
|
Arrears (At Newbury Building Society this is known as an Arrears Letter Fee.) |
You may be charged an arrears fee on a monthly basis, or when specific events happen in the management of your account when you are in arrears. This covers charges in respect of your account if you fall behind At Newbury Building Society we do not charge a monthly arrears fee. Instead we charge for each letter sent to you or other connected third parties if your account is one month or more in arrears. When your account first goes into arrears, we do not charge for the initial letter but will for subsequent letters to attempt to keep your account up to date. |
First letter: £0 Subsequent letters: £15 |
| Non-payment of ground rent/service charge | If you do not pay your freeholder rent, leasehold ground rent and/or service charge, we may be required to pay it on your behalf. If we pay it on your behalf, the amount will be debited to your mortgage account. This charge relates to the administration involved. | £50 |
| Arrears referral for legal action | This charge is payable if your account has been referred to our solicitors for what is termed a ‘15 day letter’, giving you notice of our intention to take legal action for recovery of your arrears. This fee is charged by our solicitors and is subject to VAT. | £140 + VAT |
| Arrears referral for possession action | This charge is payable if your account has been referred to our solicitors for legal action and possession proceedings have been started. Solicitors fees for possession proceedings are charged separately (and in addition to this initial charge) and will be debited to your account in accordance with the terms and conditions of your mortgage. |
£120 |
| Property sold in possession | This is charged when we take possession of your property and conclude the sale and repay your mortgage. It is added to your mortgage account. | £250 |
| Ending your mortgage term |
| Name of charge | What this charge is for | How much is the charge? |
|
Early repayment charge (ending your mortgage) |
You may be charged this if you repay your mortgage in full before the mortgage term ends. |
This will vary depending on Refer to |
| Redemption Statement |
Where you or your conveyancer/solicitor request a second or subsequent redemption statement within a 12-month period. At Newbury Building Society we do not charge the first statement. |
First statement: £0 Subsequent statements: £25 |
| Mortgage exit administration fee (MEAF) |
You will be charged this fee when your mortgage comes to an end; if you repay it when selling or transferring to another The charge reflects the administration involved in closing your mortgage account and removing our interest (charge) from HM Land Registry. You may be charged a separate fee by your conveyancer/solicitor for their work relating to repaying your mortgage and |
£100 Your mortgage offer |
| If you need assistance receiving information, we can help. |
|
We can provide our information in different ways if you:
If you need extra support, please contact our customer service team and we’ll do our best to help. Call us on 01635 555700 or email us. |
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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