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Fees, Charges &Other Costs

When applying for a mortgage, you will incur some costs. As well as the cost of using a legal adviser, you may also have to pay other fees and charges.

Below is a full list of our tariff of mortgage charges. Alternatively you can download a list of our Tariff of Mortgage Charges (114KB).

Name and summary

Amount

Mortgage application processing fee

A mortgage application processing fee is usually payable on all of our mortgage products. This fee is payable on application and is strictly non-refundable. This fee is charged to cover the costs associated with processing a mortgage application.

£130

Product fees

Depending on which mortgage product you choose, you may have to pay a product fee. The reason we sometimes charge this is that it helps keep the initial rates lower. There are two ways you can pay this:

  • Upfront when you first apply for your mortgage
  • Or added to the loan and paid as part of your monthly mortgage payment following the first annual review of your account
The product fee amount will be clearly stated on the mortgage product information pages and also in your Key Facts Illustration document.

Valuation fees

For a house purchase or a remortgage, you will usually have to pay a valuation fee (unless you are applying for one of our fee-assisted products). How much you'll pay will depend on the value of the property you are purchasing (or your current property if you are remortgaging).

For a full breakdown of valuation fees, please read our Mortgage Valuations page.

You'll need to pay your valuation fee when you submit your application, at which point we'll instruct a valuer to visit the property as soon as we begin to process your application and have received the fee (unless you tell us otherwise).

Higher Lending Charge

Where a loan exceeds 75% of the purchase price or valuation (whichever is the lower) there is increased risk to us. To cover us against this risk, a Higher Lending Charge (HLC) is payable.

For more information on whether you have to pay a Higher Lending Charge, please read this section in our lending criteria.

Product Switching Fee

Once you have submitted your application, if you decide to change products before completion, a product switching fee is payable. This fee covers part of the costs we incur when we reserve the product you have applied for.

£90

You will receive a Key Facts Illustration document before your mortgage application which will detail all related fees, including early repayment charges and valuation fees.

 

Mortgage administration fees

As well as the application and product fees, you may incur other charges.

The below table details mortgage and arrears related fees, effective from 01/10/2015.

Transfer of equity £160.00
Property letting £72.00
Copy mortgage statements £11.00
Breakdown of transaction £12.00
Certificate of interest/interest paid certificate £11.00
Subsequent redemption statements No charge
Unpaid direct debit £12.00
Bounced cheque £12.00
Provision of a lender's reference £27.00
Consent to second/subsequent charge £16.00
Certificate of title £15.00
Borrower title query £25.00
Copy document £30.00
Deeds production (inspection only) £38.00
Removal of mortgage from Scottish Land Registry £160.00
Payment of unpaid ground rent/service charges £45.00
Release of part security/approval of other legal agreements £65.00
Mortgage fee Please refer to your offer document

 

Important information

  • Your mortgage interest rate will be increased by 1% where the you (and any joint account holder) have agreed with Chelsea Building Society the terms of an authorised let. Where you have let the property and not agreed with Chelsea Building Society an authorised let, a 2% loading will be applied to the mortgage interest rate on the account.

Early repayment charges

In providing your mortgage, one of our aims is to try to give you as much flexibility as possible with regard to your mortgage payment arrangements.

Providing special mortgage products, such as fixed, tracker, discounted and capped mortgages, does, however, involve us in putting in place special funding arrangements to support these products. Often we are locked into such arrangements, regardless of the actions of borrowers and changes in prevailing interest rates.

This combination of funding arrangements and our inability to vary these is the main reason Early Repayment Charges are normally applied. As a result, Early Repayment Charges may apply, depending on the product chosen, in the event of:

  • repayment in full (redemption)
  • repayment in excess of any applicable overpayments limits
  • transfer to an alternative mortgage product (in full or part)

The period during which an Early Repayment Charge could be made is known as an Early Repayment Charge period. Any Early Repayment Charges and the period that they apply to your mortgage will be detailed in your Key Facts Illustration and your mortgage offer.

Arrears related fees

Fee When This Fee Is Payable Amount
Monthly Arrears Charge This may be charged if your mortgage account falls into arrears by two or more monthly payments, unless there is an arrangement in place to fully repay the arrears and it is being maintained £35 per month, per account
Third Party Field Agents appointment An appointment for a representative of ours who visits you at home to discuss your mortgage account, financial position and circumstances £80
Missed third party Field Agents appointment A cancelled or missed appointment with a field agent £60
Property Inspection Property inspection to identify occupancy and/or property condition £55
Address Confirmation This fee will be charged where it is necessary for us to trace your current whereabouts up to £100

 

Important information

* If your mortgage account falls into arrears by two or more monthly payments a monthly arrears administration fee will be charged unless there is an arrangement to fully repay the arrears in place, which is being maintained. For Buy to Let mortgages the administration fee will be applied if your account falls into arrears by one monthly payment or more.

Should the Society take action to enforce the terms of the mortgage, you will be responsible for payment of all fees, including legal fees, which will be added to your mortgage balance. The fees payable will depend upon the type of proceedings the Society has to take. Further details of when fees apply can be found in our booklet How Your Mortgage Works, a copy of which is available on request.

Litigation fees

If we need to ask our solicitors to recover any missed payments, litigate or start Court proceedings to obtain possession of your home, you will be liable for all their fees, costs and expenses. Listed below are the standard costs. You will also be liable for any additional non-standard or other third party costs. These will vary depending on circumstances. You will be liable for all costs and expenses we incur. As a guide only, for properties in England and Wales, typical litigation costs can be in the region of £800.

Fee Per Solicitor Instructed To: When This Fee Is Payable Amount       
Commence legal action Notify you in writing of our instructions to commence legal action £25
Issue proceedings Issue Court proceedings and apply for a hearing date £75
Preparation Prepare for the Court hearing date £60
Attend hearing Arrange attendance at the Court hearing and dealing with the outcome £25
Adjournment Adjourn the Court hearing date £60
Monitoring Monitor the payment terms of the Suspended Possession Order. Charged per each unbroken period of monitoring. £50
Enforcement Enforce the Possession Order and obtain an eviction date £25
Attendance for eviction Instructions to solicitors to arrange attendance on the day of eviction £60
Suspend Warrant Instructions to solicitors to suspend a warrant for possession:
  1. with agent in attendance
  2. without agent in attendance
  1. £60
  2. £85
Cancellation of Eviction Cancelling the eviction after 5pm on the day before the eviction £125

 

Possession fees

If we obtain possession of your home you will be liable for all our solicitors', agents' and other third parties' fees and all other associated costs and expenses. These include costs in connection with the management, maintenance and the sale of the property. We may also need to instuct agents to carry out investigative work. The list below sets out the standard costs. You will also be liable for any additional non-standard costs and charges. These will vary depending on circumstances. You will be liable for all costs and expenses we incur. As a guide only, typical sale in possession costs are in the region of £3000.

Fee When This Fee Is Payable Amount
Possession Administration fee Administrative costs for managing the sale of the property £300
Valuation cost Report from a RICS qualified surveyor of the estimated market value of the property and suggested marketing price. Two valuations will be obtained. £100 per valuation
Estate Agent/Auctioneer Commission Recommendation of the proposed selling price and marketing strategy, advertising and agreeing a sale either through private treaty or an auction sale 1.5% of sale price (minimum fee £1,000)
Solicitors Costs for a standard sale Solicitors conveyancing costs for checking the title to the property, preparing a contract, exchange and completion of the contract. £300
Withdrawal Fee For instructing the asset manager to take the property off the market £150 plus costs
Energy Performance Certificate Charge for the compilation of an Energy Performance Certificate required by a buyer before the property can be marketed £59
Property management costs Charged following possession of the property for changing locks, draining and switching off systems, and clearance of property in preparation for sale £400
Garden maintenance Garden maintenance whilst the property is marketed for sale during seasonal months: April – October £50 per visit
Accompanied visit To arrange an accompanied visit to remove remaining items from the property
  1. Weekday: half day/full day
  2. Weekday: half day/full day
  1. £80/120
  2. £100/£180
Auction Entry Fee Fee for entering a property into an auction sale £250
Solicitors costs - abortive sale Solicitors costs where an offer is withdrawn £50
Solicitors costs - distributing surplus proceeds Solicitors costs in establishing identity of the entitled person to whom the surplus should be paid, and distribution of surplus proceeds £50
Solicitors costs - distributing surplus proceeds Solicitors costs in establishing identity of the entitled person to whom the surplus should be paid, including tracing and distribution of surplus proceeds £125
Solicitors costs - payment of surplus proceeds into Court Solicitors costs to make payment of surplus proceeds into Court £250

The arrears, litigation and possession fees are for properties in England and Wales. Fees will vary for properties in Northern Ireland and Scotland. These fees quoted for arrears management, litigation and possession are subject to VAT. The fees will be added to your mortgage balance.

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