Warning:THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Leeds Building Society is closely involved in the mortgage industry’s initiative with the Council of Mortgage Lenders and Which? to make our fees and charges easy for you to understand. Our tariff of charges fully reflects the initiative’s good practice principles. This same document is being used across the industry to help customers compare mortgages. When looking at the fees that other firms charge, you may notice that some don’t appear in our tariff (below). This means we don’t charge you for these fees.
|When you will pay this charge||Name of charge||What this charge is for||How much is the charge?|
|Before your first monthly payment
These are the fees and charges you may have to pay before we transfer your mortgage funds.
|Funds transfer fee||Electronically transferring the mortgage funds to you or your solicitor.||£35|
|Legal fee||You will normally instruct a solicitor to act on your behalf in connection with your home purchase transaction. 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 product deal.||Variable, these fees are charged by the Solicitor directly to you|
|Product 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.||Varies by product. Details available upon request|
|Re-inspection fee||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’s carried out.||£70|
|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 commission.
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 valuations - the product details for your mortgage will tell you if this is the case.
For details of our Homebuyer Report Fees and Building Survey and Valuations Fees please see our Surveys, Valuations and Costs booklet.
|Purchase price or valuation not exceeding||Fee|
|Over £2,000,000||By referral|
|If you ask us for extra documentation and/or services beyond the standard management of your account||Payment of leasehold charges on behalf of borrower||Charged where we pay your landlord or management company for any ground rent or service charge due on your leasehold property, in the event you do not do so.||£50|
|Approval of deed of variation/rectification/restriction/substitution of security||Charged to cover an alteration to the existing title of your property||£50|
|Approval of easements/right of way||Charged to cover an alteration to the existing title of your property||£50|
|Miscellaneous calculations||Charged to cover any miscellaneous costs not already covered in this Tariff of Mortgage Charges.||up to £50|
|Surrender/Release of endowment policy||Charged when you request us to release an endowment policy assigned to your mortgage.||£25|
|Title deeds storage||Charged by us each year that you ask us to store your title deeds on your behalf.||£25|
|Despatch of title deeds/sealing fee||Covers the costs when your Title Deeds are requested by and sent to your solicitor.||£65|
|If you change your mortgage
NB If you change to a new mortgage product, the 'before your first monthly payment' fees may also apply at this stage
|Partial release of property fee||Payable if you want to remove part of the property or land from the mortgage. It covers administration costs including sealing the relevant legal deed and issuing letters of consent.||£65|
|Change of parties administration fee||Our administrative costs of adding or removing someone (a ‘party’) from the mortgage.||£65|
|Change of term fee||Extending or reducing the remaining term of your mortgage.||£30|
|Consent to let fee||If you want to let your property but don’t 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 within your existing owner-occupier mortgage.||£85|
|Transfer fee||Charged when you transfer your mortgage loan from one mortgage product to a new one.||Varies|
|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.
|Unpaid/returned direct debit or cheque||Payable when your nominated bank rejects a direct debit collection, or your payment by cheque is returned unpaid by your bank.||£27.50|
|Broken arrangement||Payable when you fail to keep to a special arrangement for paying back the arrears on your mortgage.||£30|
|Arrangement of arrears visit||Charged when a field agent is instructed to visit your home.||£50|
|Outgoing arrears letter||Charged to cover the administration of issuing an arrears chase letter.||£27.50|
|Possession administration||Charged to cover any administration of setting up the evicton including taking possession, marketing and sale of the property.||£350|
|Tracing instruction||Charged when a trace is carried out by the Society.||£30|
|Ending your mortgage term||Early repayment charge (ending your mortgage)||You may be charged this if you repay your mortgage in full before the mortgage term ends.||Varies|
|Mortgage exit fee||You may have to pay this if:
You may be charged a seperate fee by your solicitor or licensed or qualified conveyancer for their work relating to redemption of the mortgage and discharge of the security.
|If you have an offset mortgage
These fees relate to your offset savings account
|Request for documents||Requesting copies of documents such as cheques or statements.||£5 per item or page|
|Electronic Transfer Fee||Electronically transferring funds from your account by CHAPS.||£20 per transfer|
|Electronic Transfer Fee||Electronically transferring funds from your account by IMO (International Money Order).||£25 per transfer|
|Other Charges||Other charges may be applied to accounts that operate outside of the agreed account terms and conditions.||These will be advised when charged|