Your home may be repossessed if you do not keep up repayments on your mortgage.
Interest, Fees and Charges
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.
How interest is charged
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.
Interest rate changes
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 fees & charges
Effective from 01/03/2015
| Mortgage related fees | |
|---|---|
| Transfer of equity | £160.00 |
| Property letting † | £58.00 |
| Copy mortgage statements | £11.00 |
| Breakdown of transaction | £11.00 |
| Certificate of interest/interest paid certificate | £10.00 |
| Subsequent redemption statement | £11.00 |
| Unpaid direct debit | £12.00 |
| Bounced cheque | £8.00 |
| Provision of a lender's reference | £19.00 |
| Consent to second/subsequent charge | £12.00 |
| Certificate of title | £9.00 |
| Borrower title query | £22.00 |
| Copy document | £23.50 |
| Deeds production (inspection only) | £33.00 |
| Removal of mortgage from Scottish Land Registry | £155.00 |
| Payment of unpaid ground rent/service charges | £63.00 |
| Release of part security/approval of other legal agreements | £58.00 |
| Redemption administration fee (previously known as Redemption fee) |
Please refer to your offer document |
| † Your mortgage interest rate will be increased by 1% where the account holder(s) have agreed with Chelsea Building Society the terms of an authorised let. Where an account holder(s) lets the property and has not agreed with Chelsea Building Society an authorised let, a 2% loading will be applied to the mortgage interest rate on their account. | |
| Mortgage Product Related Fees | |
|---|---|
| Mortgage Application Processing Fee | £130.00 |
| Product Switching Fee† | £90.00 |
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 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.
Valuation fees
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.
If a re-inspection is required before all or any part of the loan can be released, an additional fee of £35 will be charged for each re-inspection.
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.
|
Valuation not exceeding |
Mortgage Valuation | Home Buyer Survey and Valuations |
|---|---|---|
| £100,000 | £145 | £325 |
| £150,000 | £175 | £360 |
| £200,000 | £205 | £410 |
| £250,000 | £235 | £460 |
| £300,000 | £270 | £525 |
| £350,000 | £330 | £575 |
| £400,000 | £330 | £625 |
| £450,000 | £390 | £675 |
| £500,000 | £390 | £730 |
| £550,000 | £450 | £780 |
| £600,000 | £450 | £830 |
| £650,000 | £515 | £880 |
| £700,000 | £515 | £930 |
| £750,000 | £575 | £985 |
| £800,000 | £575 | £1,035 |
| £850,000 | £635 | £1,085 |
| £900,000 | £635 | £1,135 |
| £950,000 | £695 | £1,185 |
| £1,000,000 | £695 | £1,240 |
| £1,200,000 | £820 | £1,440 |
| £1,400,000 | £940 | £1,645 |
| £1,600,000 | £1,065 | £1,850 |
| £1,800,000 | £1,185 | £2,055 |
| £2,000,000 | £1,310 | £2,260 |
| £2,200,000 | £1,430 | £2,465 |
| £2,400,000 | £1,555 | £2,670 |
| £2,600,000 | £1,675 | £2,870 |
| £2,800,000 | £1,800 | £3,075 |
| £3,000,000 | £1,920 | £3,280 |
| £3,500,000 | £2,045 | £3,790 |
| £4,000,000 | £2,170 | £4,300 |
| £4,500,000 | £2,290 | £4,815 |
| £5,000,000 | £2,415 | £5,325 |
These fees apply from 22nd January 2013
Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in theFinancial Services Register and its registration number is 106085. Principal Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.
References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.
Buy to Let mortgages are not regulated by the Financial Conduct Authority
This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.
*Calls to 0800 numbers are free of charge from a landline or mobile. Calls to 03 numbers are charged at the same standard network rate as 01 or 02 landline numbers, even when calling from a mobile.
Get in touch with us:
- Call us:
http://www.thechelsea.co.uk/contact/index.html - Find a branch:
http://www.thechelsea.co.uk/contact/branch_finder.html - Manage your accounts online:
http://www.thechelsea.co.uk/security/online_help.html
