Fees and Charges - Reservation Fee
Your client has the option to take our 2 year fixed and 2 year tracker mortgages with or without a reservation fee. All our fixed and tracker mortgages are limited offers and may be withdrawn without notice.
The current reservation fees are shown in the table below.
Fixed rate Mortgage
|
Product |
Reservation Fee |
|---|---|
|
2 Year - Option A |
£599 |
|
2 Year - Option B |
£999 |
|
3 Year |
£599 |
|
3 Year FTB |
£299 |
|
5 Year - Option A |
£599 |
|
5 Year - Option B |
£1,999 |
|
10 Year |
£599 |
|
25 Year |
£599 |
Tracker Mortgage
|
Product |
Reservation Fee |
|---|---|
|
2 Year - Option A |
£599 |
|
2 Year - Option B |
£1,999 |
|
3 Year |
£599 |
|
3 Year FTB |
£299 |
|
Lifetime |
£599 |
If your client chooses the option with a reservation fee, they can pay this when they apply or they can add it to their loan. If they add it to their loan, they will be charged interest on it during the term of the loan. When we receive their application form and the fee, if they are not adding it to the loan, the product will be reserved for your client, so that even if it changes or is withdrawn, they will still get the product they applied for. The reservation fee is valid for 3 months. The valuation must be instructed within this period to continue the product for your client. The reservation fee is non-refundable at completion.
Alternatively, if your client chooses the no reservation fee option they will pay a higher rate of interest over the deal period. Your client's fixed or tracker mortgage will be reserved once we receive their application form.
If your client is taking out a number of products on the same property where reservation fees apply, e.g. a fixed rate mortgage and a further advance on a tracker rate, then only one reservation fee is payable provided the products are taken out simultaneously. If the products with reservation fees are not taken out simultaneously, then the individual reservation fees apply to each product.
