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If you are applying for a mortgage, you will incur certain costs. As well as the cost of using a legal adviser, you may also have to pay other fees and charges.
Interest will be charged on the amount we lend you on a daily basis from the date that we advance the loan to your solicitor and on each occasion when capital is repaid during the year or any amount is advanced to or becomes owing to you. Payments of capital included in your regular monthly payment will reduce the amount on which we charge interest immediately.
Please call us on 0800 607 6612 if you have any questions on how interest is charged.
If you choose a variable rate or a tracker rate mortgage, the interest rate of your mortgage will be variable.
Should you select a fixed rate mortgage the interest rate will be fixed for a duration specified in your mortgage offer. After the fixed rate ends, the interest rate will be variable.
Changes in Chelsea Building Society's Standard Variable Rate (SVR) are not usually notified to you individually. We announce the changes in local, regional or national newspapers of our choice. Details of changes in our interest rates are also available from your local branch, by calling our Contact Centre or on our website.
Please note that Chelsea Building Society's SVR is set independently of Yorkshire Building Society's SVR. This is because Chelsea Building Society is operated under its own brand and with its own products and services. The Chelsea's SVR can either go up or down from time to time and may be different from Yorkshire Building Society's SVR at any time.
| Mortgage related fees | |
|---|---|
| Transfer of equity | £200.00 |
| Letting fee | £100.00 |
| Copy mortgage statement | £10.00 |
| Breakdown of transaction fee | £15.00 |
| Certificate of interest/interest paid certificate | £10.00 |
| Subsequent redemption statement | £10.00 |
| Unpaid direct debit | £25.00 |
| Bounced cheque | £25.00 |
| Provision of a lender's reference | £84.00 |
| Consent to second/subsequent charge | £23.50 |
| Certificate of title | £10.00 |
| Deeds query | £12.00 |
| Deeds photocopying | £18.00 |
| Deeds production (inspection only) | £22.50 |
| Unpaid ground rent | £105.00 |
| Release of part security/approval of other legal agreements | £100.00 |
| Change of mortgage repayment method or term | £50.00 |
| Redemption administration fee (previously known as Discharge fee) |
Please refer to your offer document |
Product fees and early repayment charges are detailed in the relevant product leaflet, the Key Facts Illustration document you should have received before your mortgage application was made, and in your mortgage offer. Your Key Facts Illustration and offer will also detail other fees payable such as mortgage fee, CHAPS fee and valuation fee.
| Arrears Related Fees | |
|---|---|
| Arrears administration fee* | £35.00 per month |
| Third Party Field Agent's appointment | £96.00 |
| Missed Third Party Field Agent's appointment | £60.00 |
| Administration of sale of property by the Society | £300.00 |
* 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.
Before we can lend you money to buy your home, we need expert guidance on what the property is worth as security for us. To get that information we will instruct a valuer to visit the property and produce a written report. You will be asked to pay the cost of this, unless you have chosen one of our fee-assist mortgages to help with this cost.
The cost of the mortgage valuation will be worked out using a sliding scale - see the table below. The mortgage valuation is solely for our purposes so that we can be satisfied that the property provides sufficient security for us to lend.
All the fees below include an administration fee of £90.
If a re-inspection is required before all or any part of the loan can be released, an additional fee of £40 will be charged for each re-inspection. This fee includes a £5 administration charge.
Please note: Where the valuation fee has been paid, we will instruct the valuation as soon as we begin to process your application - unless you advise us otherwise. Once a valuation has been carried out, the fee will not be refunded in the event that the mortgage does not proceed.
| Value of property | Valuation Fee |
|---|---|
| Up to £100,000 | £235 |
| £100,001 to £150,000 | £265 |
| £150,001 to £200,000 | £295 |
| £200,001 to £250,000 | £325 |
| £250,001 to £300,000 | £360 |
| £300,001 to £400,000 | £420 |
| £400,001 to £500,000 | £480 |
| £500,001 to £600,000 | £540 |
| £600,001 to £700,000 | £605 |
| £700,001 to £800,000 | £665 |
| £800,001 to £900,000 | £725 |
| £900,001 to £1,000,000 | £785 |
| £1,000,001 to £1,200,000 | £910 |
| £1,200,001 to £1,400,000 | £1,030 |
| £1,400,001 to £1,600,000 | £1,155 |
| £1,600,001 to £1,800,000 | £1,275 |
| £1,800,001 to £2,000,000 | £1,400 |
| £2,000,001 to £2,200,000 | £1,520 |
| £2,200,001 to £2,400,000 | £1,645 |
| £2,400,001 to £2,600,000 | £1,765 |
| £2,600,001 to £2,800,000 | £1,890 |
| £2,800,001 to £3,000,000 | £2,010 |
| £3,000,001 to £3,500,000 | £2,135 |
| £3,500,001 to £4,000,000 | £2,260 |
| £4,000,001 to £4,500,000 | £2,380 |
| £4,500,001 to £5,000,000 | £2,505 |
These fees apply from 1 December 2010
Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Principal office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. Yorkshire Building Society is a member of the Building Societies Association and is authorised and regulated by the Financial Services Authority. It is entered in the FSA register and our FSA registration number is 106085.
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