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Tariff of Mortgage Charges (Gibraltar) - Effective 1st January 2017

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.

Download tariff as a PDF

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 funds.

Name of chargeWhat this charge is forHow much is the charge?
Application Fee Assessing and processing your application (even if your application is unsuccessful or you withdraw it). Varies. Details available upon request.
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.
See below.
Details of our Homebuyer Report Fees and Building Survey and Valuation Fees are available to view here

Valuation fee

Purchase price or valuation not exceedingFee
£100,000 £230
£150,000 £270
£200,000 £335
£250,000 £360
£300,000 £405
£350,000 £450
£400,000 £510
£500,000 £560
£1,000,000 £749
Valuations over £1,000,000 by referral. Details available on request.

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

Name of chargeWhat this charge is forHow much is the charge?
Early repayment charge (changing your mortgage) You may have to pay this if:
  • You overpay more than your mortgage terms allow;
  • You switch mortgage product or lender during a special rate period (e.g. while you’re on a fixed or tracker interest rate).
Varies. Details available on request.
Change of term fee Extending or reducing the remaining term of your mortgage. £30
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
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
 

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 chargeWhat this charge is forHow much is the charge?
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
Arrears 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 with your payments.
£27.50

Ending your mortgage term

Name of chargeWhat this charge is forHow much is the charge?
Dispatch of title deeds/sealing fee and sent to your solicitor Covers the costs when your title deeds are required by and sent to your solicitor. £65
Early repayment charge (ending your mortgage) You may be charged this if you repay your mortgage in full before the mortgage term ends. Varies. Details available upon request.
Mortgage exit fee You may have to pay this if:
  • Your mortgage term comes to an end;
  • You transfer the loan to another lender; or
  • Transfer borrowing from one property to another.
This is payable either at the end of the mortgage term, or before the end of your mortgage term if you transfer the loan to another lender or another property (known as 'redemption').

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.
Varies. Details available upon request.

You do not have to pay this charge if the mortgage ends at the end of its pre-agreed term.