If you're buying a new home, moving to a C&G mortgage from another lender or are an existing C&G or Lloyds TSB mortgage customer borrowing more, you'll need to pay a non-refundable application fee when you send us your mortgage application.
This fee is valid for 12 months, so if your application doesn't go ahead for any reason, you can put in another application within 12 months and you won't have to pay another application fee.
Application fee - £99
This fee is not applicable if you already have a C&G or Lloyds TSB mortgage and are now switching deals.
With some of our mortgage deals there's a product fee to pay, with others there isn't. Usually, there's a choice, and you can get a lower rate in return for paying a fee or no fee and a higher rate.
Where a product fee applies, it will be added to your new mortgage. You can then pay the fee off if you want to, or leave it on your mortgage to spread the cost. If you pay it off within 30 days of the start of your mortgage, no interest will be charged on it. If you leave it on your mortgage, interest will be charged on it as part of your main mortgage.
Please see the specific product page for the options available.
You'll need to pay a valuation fee if you're moving home or you're switching your mortgage from another lender and the loan is for £1 million or more. The amount of the fee depends on the value of the property. This needs to be paid when you apply. Once the valuation has been carried out, the fee can't be refunded.
Valuations will range from £225 - £1,150 depending on the type of mortgage you take and the value of your property.
For properties worth over £1.5 million, please contact your local branch or call us on 0800 028 0639*
About the valuation
Where a valuation of the property is carried out, it may involve sending a valuer to visit the property. Sometimes however, existing knowledge of the property type and area, combined with information you provide in your application, may mean that an actual visit is unnecessary, or the valuer may be able just to take a look at it from the outside.
If a fee is payable, you will get a copy of the valuation report. But it’s important to appreciate that the valuation is not a full survey and is purely to help assess whether the property is suitable security for the loan. As a result, it may not cover things that you would want to know as the homeowner – so you should not rely on it.
It's also important not to assume, just because a mortgage is agreed, that the property has been inspected, that the purchase price is reasonable, that the property is worth the amount of the mortgage, or that there is nothing wrong with the property.
Therefore, particularly if you are moving home – even if you are given a copy of the report – it's essential that you arrange for a professionally qualified surveyor or valuer to inspect the property for you.
Specialist reports
Sometimes, where the mortgage valuation identifies a specific problem affecting the property, you may be asked to arrange for a specialist to inspect the problem and prepare a report. If the specialist report is needed, we will provide you with full details of how to arrange it.
Specialist reports must be carried out by an independent company, and this can result in delays. The cost of specialist reports and any work required will need to be covered by you.
If the specialist report identifies a defect relevant to the decision to lend, repairs may be required to be carried out before the loan is made available or, in certain circumstances, the loan may not be agreed.
Where a specialist report is not requested, you should not assume that the property is free from defects.
If you're buying a new home, switching to a C&G mortgage, or you already have a C&G or Lloyds TSB mortgage and are now borrowing more, you'll need to pay a non-refundable fee for the transfer of money when your mortgage starts.
The fee will be added to your mortgage and interest charged at the rate of the main loan. If your mortgage is split across different deals, the interest on the fee amount will be the same as the interest rate of your main loan account.
Transfer of funds fee - £35
As well as providing an excellent service, we also do our best to keep up-front costs low.
Plus, if you're moving mortgage without moving home, you could qualify for free legal work.
Applies if you're borrowing between £50,000 and £999,999 for a standard remortgage.
If you don't qualify for free legal work, don't worry - you may qualify for a special low cost legal work deal instead.
About our 'free legal work' offer
Typically, the legal work involved in a remortgage is that needed by the lender in relation to their financial interest in the property. If your remortgage is for £50,000 and £999,999 and the work is carried out by a nominated firm of solicitors, there will be no charge to you. All that you'd have to pay are any non-standard costs that could arise - for example, there may be a premium payable if a defective title or insolvency policy is required, and you will need to pay a Land Registry fee if your property is currently unregistered.
This offer does not apply to complex cases for example transfer of equity, buy-to-let or guarantor cases (please ask about other exclusions), where you must instruct your own solicitor. If the property you are remortgaging is in Northern Ireland, there are different arrangements - please ask for details.
In return for the benefits offered by some C&G mortgages, the loan may carry a charge if you repay all or part of it in the early years or switch to a different mortgage - these are called Early Repayment Charges.
You can make overpayments
Even if an Early Repayment Charge applies on your mortgage deal, you can still repay up to 10% of your loan each year (based on the balance at 1 January) and the charge won't apply.
If your total mortgage is made up of more than one loan or part, each is treated separately, so you can repay up to 10% on each.
If you repay up to 10% and then repay the remainder of the loan in full within six months, the Early Repayment Charge will also be charged on the 10% you initially repaid.
The charge may not apply if you're moving home
If you need to repay your mortgage during an Early Repayment Charge period to move house, you may not have to pay the Early Repayment Charge if you take out a new C&G mortgage on your new home. If you do this, exactly what happens depends on how much of the Early Repayment Charge period is left when you move.
So:
a) If your Early Repayment Charge period has more than one year to run
The Early Repayment Charge will be refunded to you provided that you transfer the following to your new C&G loan:
b) If your Early Repayment Charge period has less than one year to run
You can either:
It's quite possible that when you move, you'll change the size of your mortgage, depending on the value of your new home.
If you're taking your original mortgage and Early Repayment Charge terms with you:
Bear in mind that before agreeing any replacement mortgage, checks will need to by made on your financial circumstances and that the property you are buying is suitable security for the new mortgage.
If there's a delay between you moving out of your old home and moving into your new one you will need to pay an Early Repayment Charge when you repay the old mortgage. However, as long as your new mortgage begins within 12 months of the old one ending, the charge will be refunded to you when the new one starts and, if appropriate, the old special terms (eg the remainder of any fixed-rate or tracker period will be carried over).
Once your mortgage is up and running, if you ask for a service that is not routinely provided for all customers, a charge may be made. The list below shows the current charges for the most frequently requested additional services. Occasionally, a charge will be made for a service which is not listed here. If you ask for such a service, you will always be told if there is a charge and how much it will be.
If a charge applies, it will be added it to your mortgage account. You can repay the charge in full immediately, or leave it on your account. If you leave it on your account, it will show separately on your mortgage statement and we may apply interest.
| Description | Amount | The charge is made |
|---|---|---|
| Duplicate annual statement | £21 | For each duplicate statement provided |
| Interim mortgage statement | £22 | For providing an interim mortgage statement part way through the year |
| Duplicate copy of letter or document | £10 | For providing a duplicate copy of a letter or document (other than if shown elsewhere in this table) |
| Capital Repayment to reduce term or monthly payment. Effective from 1 May 2008 | £10 | For each capital repayment applied to immediately reduce the account balance but where you also ask for your mortgage term to be reduced or your monthly payment to be reduced from the following month |
| Confirmation letter | £10 | Where you are provided with information and you then ask for further written confirmation of the same information |
| Closed account reference | £31 | For providing a reference to another lender on a closed account |
| Instalment Break | £99 | When you request a payment break, but you have not made any overpayments |
| Supplying photocopies of deeds documentation | £31 | For each request |
| Deeds information | £10 | For supplying information relating to the title deeds |
| Information to a third party | £103 | For supplying information to a third party |
| Additional information to a third party | £22 | For supplying additional information to a third party |
| Certificate of Title | £32 | For providing a copy of the Certificate of Title |
| Interest certificate | £22 | For each year's interest certificate provided |
| Partial release of property | £225 | If you ask for the release from the mortgage of part of your property to be considered |
| Approval of residential tenancy | £225 | If you wish to let the property |
| Ground rent | £225 | If your property is leasehold and correspondence is entered into regarding ground rent payments and/or insurance which are due under the terms of your ownership of the property |
| Account breakdown | £22 | For each year for which you request a breakdown of your account |
| Mortgage type change fee | £77 | If you ask to change the way your loan operates, converting from from interest only to repayment or repayment to interest only |
| Term adjustments | £32 | When you ask to amend the term over which you want to repay your loan |
| Insurance cancellation | £27 | When you cancel your buildings or buildings and contents insurance which forms part of your monthly mortgage payment |
| Gone away | £10 | For the registration and the investigation involved when mail is returned as 'gone away' |
| Hypothetical account illustration | £106 | For providing details of how an account would vary if payments, the term etc were changed. This is not the same as a key facts illustration |
Please remember that it may also be part of your mortgage loan agreement that an Early Repayment Charge is payable if you repay all or part of the loan, or change its terms, within the first few years. Please check your loan agreement or subsequent documentation for details.
| Description | Amount | The charge is made |
|---|---|---|
| Unpaid Direct Debit | £31 | When a Direct Debit is returned unpaid. |
| Rejected payment | £31 |
When a cheque is rejected by the paying bank. |
If you were to miss a payment and get behind with your mortgage, which would mean you were in arrears, you will have to pay an arrears charge. If, after reasonable requests, you do not pay the outstanding arrears, you may also be charged for any extra administration and legal costs involved.
| Description | Amount | The charge is made |
|---|---|---|
| First arrears stage | £10 | When the first arrears letter is sent. |
| Second arrears stage | £31 | For work up to and including the second arrears letter. |
| Arrears arrangement fee | £36 | When a plan to clear arrears has been agreed and not adhered to. |
| Breakdown of arrears/payments (per year/per account) | £22 | For supplying a breakdown to show how arrears have accrued on your account |
| Home visit | £94 | When a home visit is arranged |
| Third arrears stage/pre-litigation | £206 | When your mortgage is referred to the Recoveries Department for third stage arrears work/pre-litigation |
| Occupancy visit charge | £51.75 | When a visit is undertaken to establish the occupancy of the property |
| Consolidation | £52 | When arrears consolidation has been approved |
If something in your life is changing and it could make paying your mortgage difficult, please contact your local C&G branch or call our helpline as soon as you can. It's always best to do this before missing a payment rather than afterwards. Dealing with financial difficulties at an early stage usually makes problems easier to solve.
You can talk to us in confidence and our staff will give you every possible assistance, including practical advice and information on areas such as state benefits (where appropriate).
If you think you may be facing difficulties but have not yet fallen behind with your mortgage payments, please call us on 0845 603 1637*
If you have already fallen behind with your payments, please contact us on 0800 3894 020*
Copyright © 2008 Cheltenham & Gloucester plc. All rights reserved.
C&G mortgages are provided by Lloyds TSB Bank plc and administered by us, Cheltenham & Gloucester plc. Registered office: Barnett Way, Gloucester, GL4 3RL. Registered in England and Wales No.2299428. Cheltenham & Gloucester plc is authorised and regulated by the Financial Services Authority and a signatory to the Banking Codes.
You must be at least 18 years old to take out a loan. Before agreeing a loan Lloyds TSB Bank plc will want to satisfy themselves about the suitability of your application. This will include assessing your ability to afford the payments and, normally, valuing the property.
* We may monitor and/or record telephone calls in case there's a need to check that your instructions have been carried out correctly and to help improve our service quality.
