Tariff of charges. Mortgages

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1 Tariff of charges Mortgages

2 Straightforward and easy to understand At Tesco Bank, we like to be completely fair, open and transparent. So, we ve made sure our charges are easy to understand and as jargon free as possible. This leaflet shows you the fees that might apply to your mortgage, what they re for and how much we ll charge. If our fees and charges change, we ll write and tell you. Included in your mortgage offer It s worth remembering that your mortgage offer includes the fees that are specific to your mortgage. Examples of these are: The booking fee a non-refundable fee to reserve your mortgage funds and chosen interest rate The product fee our fee for setting up a mortgage for you Early repayment charge this may apply if you repay some or all of your mortgage before the end of the initial interest rate period. Your mortgage may also give you the option to repay all of your mortgage without charge. How to pay To make life easier, we have a number of ways that you can pay your fees. The simplest and quickest way is over the phone using a debit card. We accept cheques too, but it s worth remembering that for some requests, you need to pay the relevant fee before we can proceed and cheques can take up to a week to clear. Finally, we accept credit card payments provided the fee isn t to cover payments that you re behind on. Where we ve had to apply fees to your account, it s important to pay these as soon as possible so that your account is up-to-date. You should call us if you re experiencing any difficulties meeting these costs or your mortgage payments.

3 Valuation fees A valuation fee is the cost of an inspection of the property to find its current market value. It also includes the cost of the administration work we need to do once we ve received the valuation. The following fees cover the costs involved with the valuation of your property. You may have already paid us a valuation fee when you applied for your Tesco Bank Mortgage. From time to time, we may need to get a new valuation of your property, for example if you d like to borrow more or sell some of your property. We ll let you know at the time if we need this. Property Value Basic Valuation up to 100, , , , , , , , , , , , , , , , , ,001 1,000, ,000, Re-inspection fee We charge this fee if we need to get the property re-inspected after the original valuation. This happens sometimes, for example, when we are asked to release money that we ve held back or if your property is a new build. 50 Re-type fee If we are able to accept a valuation that you ve already had carried out, this fee covers the cost of us copying that valuation report to our records. 50

4 Managing your mortgage The following fees may apply during the life of your mortgage. They cover our costs for the extra work we need to do. With some requests, more than one fee may apply. If this is the case we ll let you know at the time. Releasing funds and making payments CHAPS fee This fee covers the cost of sending funds electronically. You pay this at the start of the mortgage and again for any additional borrowing request(s). Returned or unpaid Direct Debit fee Returned or unpaid cheque fee Changes to your mortgage Adding or removing borrowers Letting out your property annual fee Term adjustment fee Partial release of property Redemption administration fee Statements, deeds and data This covers the cost to us if your bank returns your Direct Debit unpaid. 10 This covers the cost to us if your bank returns your cheque unpaid. 10 The charge for the paperwork we have to complete when you want to add borrowers to or remove borrowers from your mortgage. Note that you can t do this without our consent (and that of all the borrowers). There may be legal and valuation costs that you need to pay as well. If we agree to allow you to let out your property, this is the annual charge for the work we need to do to update your account. If we agree to let you change the period over which you repay your mortgage, this is the fee we charge to carry out the work. This fee won t apply if your term decreases as a result of an overpayment you ve made. This fee is for the release of our charge over part of your property, for example if you sell part of your land. Note that you can t do this without our consent (and that of all the borrowers). There may be legal and valuation costs that you need to pay as well. This fee is for the work involved in redeeming and closing your mortgage, which includes releasing the title deeds Duplicate statement fee For providing copies of statements from previous years, or an interim statement for the current year. 10 Copy of deeds For a copy of any title deeds we hold. 20 Releasing title deeds Certificate of interest paid Data Subject Access Request We ll charge you this fee if you d like your title deeds sent to your legal representative. This covers the cost of providing you with a certificate showing the mortgage loan interest for the tax year. This fee covers the cost of providing you with a copy of the personal information that we hold about you

5 Financial difficulties arrears and repossession Sometimes in life things happen that make it difficult to meet your mortgage repayments. We understand that and we re here to help. So if you do run into financial difficulties, please contact us right away. There are a number of options open to us to help you get back on track. Under the terms of the mortgage agreement, we are able to repossess your property. However, you should be assured that this is a last resort for us. If you fall into arrears, all the charges that we ll apply to cover our costs are shown in the tables below. We don t charge interest on any arrears fees that are applied to your mortgage. Arrears Monthly arrears charge (two months+) Field agency home visit fee Solicitor instruction fee This monthly fee is applied if you re behind on your monthly payments by two or more months and you haven t contacted us to put in place an arrangement to deal with that or you ve broken the arrangement we had in place. It covers the costs of the additional administration we ve incurred in trying to contact you. We charge this fee if you ve asked for someone to visit you and arrange a repayment programme or if we ve sent someone because we haven t been able to contact you. This covers the initial cost to us of instructing solicitors to recover arrears on our behalf VAT 45 Repossession The cost of repossession varies depending upon the property and circumstances involved. We ve detailed here what you may be charged for should we need to repossess your property. We ll contact you at the time to advise you of the actual charges that apply. Possession fee To cover our costs for taking possession of your property. 200 Possession insurance fee Summons fee Asset management fee Solicitor s litigation and conveyancing costs This covers the cost of us insuring your property while we have possession of it. For the issue of a formal legal document to the court requesting that legal action be commenced and a hearing date be set. For the instruction of, and associated work carried out by, an asset manager on our behalf, for example valuing and arranging the sale of your property. To cover the cost of a solicitor s work in repossessing and selling your property. Variable 100 Variable Variable

6 Third party fees These fees are to cover our costs when we have had to pay, or deal with, a third party on your behalf. Payment of ground rent or service charge fee Second charge fee Lender questionnaire fee If your property is leasehold, and we re asked to pay ground rent or a service charge (under the terms of ownership) because you ve not met that cost, we ll add the amount of ground rent or service charge we ve paid to your mortgage and charge you this fee to cover the cost of the work. If we agree to allow a second charge to be secured against your property, we ll charge you this fee to update your account. You may have agreed to provide a third party with information about your mortgage, for example if you re looking to take out more borrowing secured against the property or if you re moving to another mortgage provider. We charge this fee for the work involved in completing the questionnaire. 40 YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Telephone: Minicom: Lines open: Mon-Fri 8am-9pm, Sat 9am-4pm. If you would like Braille, large print or audio format information about Tesco Bank Mortgages, please contact us. Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC Registered Office: Interpoint Building, 22 Haymarket Yards, Edinburgh EH12 5BH. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. M/TOC/0814