Early Repayment Charges
Special offer mortgage products carry a charge known as an early repayment charge.
Terms and Conditions of Benefit Packages
Some of our products offer special benefit packages for customers who are remortgaging or moving home. Benefits such as cashback or paid legal fees are repayable if you pay your mortgage off in the within the first two years. For example, where we arrange for the standard legal work to be carried out, we will not charge for this service. However, we will levy an early repayment charge equivalent to the costs we have incurred in dealing with your remortgage if the mortgage is repaid within the first two years. This early repayment charge will not be charged if a new mortgage for the same amount or more is completed simultaneously with us.
The payment of this early repayment charge will be in addition to any fee or charge (including any other early repayment charge) applicable under any other offer condition.
You will be asked to pay the following third party fees (if they apply to you) in respect of (a) the landlord's registration fee for registering the mortgage with the landlord in accordance with the terms of the lease, if the property is leasehold; and (b) the additional Land Registry registration fee, if the title to the property is unregistered.
If any additional work is required, which is not normally associated with a remortgage, then this must be at your own cost. You will be provided with details of any additional fees or the costs of additional work before any work is carried out. You are free to take legal advice and instruct an independent solicitor to act for you but this must be at your own cost.
We will not pay for:
Abortive legal costs if the transfer of your mortgage is not completed. In such circumstances the right is reserved to charge for any abortive costs, up to a maximum of £75 plus VAT and any disbursements incurred.
Additional legal costs involved in rectifying title defects, dealing with transfers of equity or any other legal matters not normally associated with a transfer of a mortgage. You will be advised as to the likely cost before any work is undertaken.
Costs you incur in taking your own separate and independent legal advice.
General Conditions
Customers whose mortgage is subject to an early repayment charge when a capital repayment is made are allowed to make capital repayments of up to 10% of their outstanding balance as at 1 January each year, or the full balance for loans completing during the year, or up to 10% of the opening balance for loans completing during the year, without incurring a charge. Any repayments in excess of 10% will attract the early repayment charge on the amount of the excess as set out in the offer conditions.
The minimum additional loan for all special offers is £5,000. Where existing customers are not moving home, special offers can only be applied to the additional loan.
All offers are subject to availability, may be withdrawn at any time and are subject to our normal lending policy.
Mortgages and additional loans require a charge on your property and are subject to status and valuation and are not available to persons under 18 years of age.
Written quotations are available on request.
We require buildings insurance on the property.
Peace of Mind Essentials Home Insurance and Paymentcare policies are underwritten by CGU Underwriting Limited trading as Aviva, registered in England. Registered No 94405. Registered Office: St Helen's, 1 Undershaft, London EC3P 3DQ. A member of the Aviva group.
The family legal protection option is insured by Ultimate Insurance Solutions Limited on behalf of certain underwriters at Lloyd’s.
The insurers are authorised and regulated by the Financial Services Authority and are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if the insurer cannot meet its obligations. Further information is available form the Financial Services Compensation Scheme.
Santander acts for you as an insurance intermediary and is authorised and regulated by the Financial Services Authority.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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