tariff of charges December 2013

Transcription

1 tariff of charges December 2013

2 Tariff of charges At Platform, we aim to offer many of our everyday mortgage services free of charge. From time to time however, you may require a service for which a charge is made. The reason we charge for these services is that we believe it is only fair to pass the costs of additional services to those customers who require them. This leaflet is a guide to the services available and the cost of them. Please note that these charges are subject to a regular review and may therefore change during the term of your mortgage in accordance with your mortgage terms and conditions. Lending Charges Re-Inspection 35 Covers the cost of a property re-inspection and report. This charge may be incurred to enable the release of a retention. Additional Lending 365 This non-refundable fee covers the cost of processing your request for an additional loan secured against your property. The fee does not include a valuation. If a revaluation is required you will also be charged a Revaluation Fee. This fee is payable on application for the loan. Revaluation Fee 65 Payable when a revaluation is required, for example for an additional lending request. This fee is collected before completion. Telegraphic Transfer* 15 Charged when funds are released for an advance and/or additional borrowing. The fee includes charges levied by our bank and can be deducted from the advance monies before being sent. CHANGES TO YOUR CIRCUMSTANCES Consent to Second Charge 69 + VAT Covers the cost of considering your application for approval to register a second charge on your mortgage, for example if you decide to borrow from another lender who requires a second mortgage over your property. This fee is subject to VAT and the total fee amount will change if there is a VAT change. Change from a Repayment mortgage to Interest-only (Buy to Let customers only)* 55 Charged for approval of a request to permanently switch your Buy to Let repayment mortgage to interest-only. There is currently no charge for customers wishing to switch their interest-only mortgage onto a repayment basis. Change to Mortgage Term* 65 Charged when we approve a request to change the length of your remaining mortgage term.

3 Letting Application Fee 72 This non-refundable fee covers the cost of processing your request to let your residential property. This fee is payable on application to let. If we agree to you letting your property conditions will attach to that agreement which may include you agreeing to an increase in the interest rate you pay. Our agreement is required before you agree to let your property. If we reasonably believe your property is let without our agreement then we may increase the interest rate you pay. If we intend to do this then we will advise you in writing what the interest rate will increase by at the time. Tenancy Review Fee* 55 As part of us agreeing to you letting your residential property we have the right to conduct a review. If we choose to do so we will tell you at the time of the review in writing. The non-refundable fee is to cover the administration cost. Transfer of Equity/Ownership 150 If we amend the name(s) in which the mortgage is held, by either adding or removing a party from the mortgage, then this fee is charged to cover the cost of additional duties required, including signing of the Transfer Deed and correspondence between involved parties. This is a non-refundable fee which is payable on application for the transfer. To Seal Deed & Release Land/Collateral* 116 Fee applied if you request to sell off part of the security. It partly covers the costs of checking the deeds, having the documents signed by an Authorised Signatory, amending our records and dealing with all interested parties. Postponement of Charge* 36 When you apply for an additional loan from us, and you already have a second charge registered against your property with another lender, you can either repay that charge or we can obtain a Deed of Postponement from the charge holder that means they accept your additional loan from us takes precedence to their charge. This fee covers this cost of obtaining the Deed of Postponement from the charge holder. Porting fee 199 This non-refundable fee is charged if you are moving home, have an existing mortgage with us and apply to transfer the mortgage to your new home. It will only be possible to do this subject to the terms and conditions of your mortgage. This fee is payable on application to transfer an existing mortgage to your new home. MISCELLANEOUS FEES Lenders Reference 28 + VAT Charged for completing and providing a mortgage reference request from another lender. This fee is subject to VAT and the total fee amount will change if there is a VAT change.

4 Title Management Fee* 54 This covers validating the registration of your title deeds with the Land Registry and ongoing management of title issues. It also covers the cost of retrieving and distributing your deeds from the storage facility, corresponding with all interested parties and overseeing their return. This fee is payable when your mortgage is redeemed. Ground Rent/Service Charge Arrears* 44 If you have a leasehold property and we need to settle unpaid ground rent or service charges on your behalf, this charge will apply. The outstanding ground rent, service charge and fee will be debited to your mortgage account and these amounts will incur additional interest. Unpaid Cheques 8 If when making a payment to Platform a cheque is returned by your bank, this fee is levied towards the costs of processing this. We will also advise you of the problem. Unpaid Direct Debits 8 When a Direct Debit is returned unpaid by your bank, this fee will be charged towards the processing costs. We will also advise you of the situation and amend our records. Late Payment Fee 38 This fee is charged if a monthly repayment remains unpaid in the month following your due date. The fee partly covers the costs of the additional work involved in managing the account. Certificate of Interest* 5 Charged for certified confirmation of how much interest you have been charged during the tax year. Third Party Questionnaire 28 + VAT Charged to a third party when we complete a questionnaire/provide documentation to a party entitled to obtain your information. This fee is subject to VAT and the total fee amount will change if there is a VAT change. Deed Amendments* 49 This fee covers the administration costs of considering a request for us to agree to a change to the property or the title to the property and for sealing the relevant deed/issuing a letter of consent in respect of the variation. For example (this list is not exhaustive): Deed of Exchange, Deed of Variation (e.g. Variation of a lease), Deed of Grant (e.g. for rights of way), Deed of Easement, Local Authority Planning Agreement, Roof lease for solar panels. Field Agent Services variable If your account is in arrears or you have reached the end of your mortgage term and have a balance remaining on your account and we are unable to make contact with you, we may have to send an agent to your home to help you resolve your situation. This fee covers the costs of the field agent services, and can vary depending on the amount of work required.

5 Litigation Fee 28 Where our collections process has been exhausted and an arrears situation remains unresolved, it may be necessary to pass the account to our solicitors. This fee is charged towards the management costs of preparing the documents that our solicitors need to start possession proceedings. Solicitor s Costs variable If it becomes necessary to instruct solicitors to start possession proceedings, solicitor s costs will be incurred and unless the District Judge decides otherwise, the customer is responsible for those costs, which will be debited to the capital balance. These costs will vary depending on the time spent on the case by our solicitors, so cannot be calculated beforehand. Note that only a small number of customers are passed to Litigation, as we consider possession to be a last resort, only to be used when all other options have been exhausted. Taking Possession of your Property 236 This is a one off fee to cover the administration costs involved in taking possession of a property. Copies of Deeds* 9 + VAT This fee covers the cost of supplying full copies or extracts of the Title Deeds. This fee is subject to VAT and the total fee amount will change if there is a VAT change. Copies of Documentation* 9 This fee will be charged if you require photocopies of documentation other than your deeds. Data Subject Access Request 10 In compliance with the Data Protection Act, you are entitled to a copy of all personal information we hold about you. This charge covers administrative costs. You have the right to have any inaccurate data corrected. Redemption Fee (Previously Discharge Fees)* 106 For administration of redemption at end of term or when the mortgage is re-paid fully. Please note an increased fee may be payable in Scotland or Northern Ireland. Early Repayment FEES & Charges Capital Repayment/Early Repayment Charges* Some accounts carry an early redemption charge should capital or early repayments be made. All information regarding such charges will be specified in the terms and conditions, offer of advance or Deed of Variation.

6 FURTHER INFORMATION Theses charges do not include additional variable fees that will be charged when we incur them including solicitors charges, selling agents charges, tracing agents fees, conveyancing charges, home visits and other expenses. We will advise you of what these charges will be when we incur them. You will be liable for the full costs which will be debited to your mortgage account. How is Interest Charged? Interest is calculated on a day to day balance and debited to your account once a month. If you pay early this will reduce the amount of interest that is charged. If you pay late you will pay more interest. Can I Pay the Fee Up Front? If you contact us we can arrange for you to pay a fee upfront rather than have it debited to your mortgage account. If you Have an Interest-Only Mortgage If your mortgage is on an interest-only or a part capital, part interest-only basis, it is your responsibility to ensure that you have a repayment method in place which is on course to repay your mortgage within your chosen term. If the method of repaying your mortgage is now unlikely to repay the mortgage within your chosen repayment period and if you would to discuss other alternative repayment options, please contact us on Mortgage into Retirement If your Mortgage Term extends into your proposed retirement age, it is your responsibility to ensure that you have sufficient financial provision in place to support your lending into retirement. If you would like to discuss your options with regard to this matter please contact us on *Denotes a fee that, when charged to your mortgage account, will form part of your interest-bearing balance. Interest will be charged at your prevailing rate. Fees are correct at time of going to print. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE Platform Home Loans Limited Registered in England & Wales Number Registered Address: Newton House, Cheadle Road, Leek, Staffordshire ST13 5RG Platform Funding Limited Registered in England & Wales Number Registered Address: Newton House Cheadle Road Leek Staffordshire ST13 5RG Platform is the trading name of Platform Home Loans Limited (Financial Services No ) and of Platform Funding Limited (Financial Services No ) both authorised and regulated by the Financial Conduct Authority. WMS PHL 007A_WEB 12/2013