Before your first monthly payment
These are the fees and charges you may have to pay before we transfer your mortgage funds.
| Name of charge | What this charge is for | How much is the charge? |
| Application fee | Assessing and processing your application (even if your application is unsuccessful or you withdraw it). | This will vary depending on the product you choose. This is payable at the time of application and is non-refundable. If you have an application with us that hasn’t yet completed, and would like to switch to another product, you will need to pay a new application fee along with other product fees that are applicable. |
| Mortgage funds release fee | Electronically transferring the mortgage funds to you or your solicitor | £25 |
| Legal fee | You will normally instruct a solicitor to act on your behalf in connection with your home purchase transaction. You may be required to pay their legal fees and costs as part of their work on your behalf. These fees/costs are normally charged by the solicitor, directly to you, unless we tell you that we will contribute to the legal costs as part of your product deal. | The legal fee you pay will vary depending on the solicitor you appoint. On some of our remortgage deals we will pay your legal fees – ask your Mortgage Adviser for more information. |
| Completion fee | This is charged on some mortgages as part of the deal. It can be paid upfront or added to the total mortgage amount. If you add it to your mortgage, you’ll pay interest on it at the same rate as the rest of your borrowing. It might be a flat fee, or a percentage of the loan amount. | This will vary depending on the product you choose. |
| Re-inspection fee | If your mortgage is released in stages and you’re using it to renovate your home, this covers the new valuation we need to do after the work’s carried out. | £65 |
| Name of charge | What this charge is for | How much is the charge? |
| Valuation fee | A lender’s valuation report, which is used to calculate how much we will lend you. This is separate from any valuation or survey of the property you might want to commission. There are other homebuyers or structural survey options available to you at a cost and there may be different approaches in different parts of the UK. Some mortgages offer free valuations – the product details for your mortgage will tell you if this is the case. | Our valuation fees table can be found at the end of this tariff. |
If you change your mortgage
NB If you change to a new mortgage product, the ‘before your first monthly payment’ fees may also apply at this stage.
| Name of charge | What this charge is for | How much is the charge? |
| Early repayment charge (changing your mortgage) | You may have to pay this if:
-
You overpay more than your mortgage terms allow
You switch mortgage product or lender during a special rate period (e.g. while you’re on a fixed or tracker interest rate).
| This will vary depending on the product you choose and the timing of your overpayment or switch. |
| Amendment to security fee | Payable if you want:
- to remove part of the property or land from the mortgage
- us to agree a deed of easement or right of way
- us to agree a new lease or an amendment to an existing lease It covers administration costs, including sealing the relevant legal deed and issuing letters of consent.
| £60 |
| Transfer of equity fee | Our administrative costs of adding or removing someone (a ‘party’) from the mortgage. | £135 |
| Temporary permission to let fee | If you want to let your property but don’t have a buy to let mortgage, you’ll pay this for each ‘consent to let’ agreement, where we agree to you letting out your property for a set period within your existing owner-occupier mortgage. | £99 |
| Second charge mortgage questionnaire fee | Charged if another lender asks us for a mortgage reference, such as how you have managed your mortgage account with us. We will only supply this if you have given us permission. | £35 |
If you are unable to pay your mortgage
We understand that sometimes you may face some financial difficulties. In the unfortunate event you are unable to make your mortgage payments, you may incur some charges. These are the most common charges you may have to pay if you fail to keep up with your mortgage payments. Some charges, for example those covering unpaid/returned direct debits or cheques, occur at the early stages of your inability to pay (arrears). Other charges, for example, relating to our repossession of the property, may apply later in the process and will be dependent on your circumstances.
| Name of charge | What this charge is for | How much is the charge? |
| Unpaid/returned direct debit or cheque | Payable when your nominated bank rejects a direct debit collection, or your payment by cheque is returned unpaid by your bank. | £10 |
| Solicitor’s instruction fee | This is charged when we take legal action for mortgage arrears. Usually this is added to your mortgage account. | £70 |
Ending your mortgage term
| Name of charge | What this charge is for | How much is the charge? |
| Early repayment charge (ending your mortgage) | You may be charged this if you repay your mortgage in full before the mortgage term ends. | This will vary depending on the product you choose and the timing of your repayment. |
| Name of charge | What this charge is for | How much is the charge? |
| Redemption administration fee | You may have to pay this if:
- Your mortgage term comes to an end;
- You transfer the loan to another lender; or
- Transfer borrowing from one property to another
This is payable either at the end of the mortgage term, or before the end of your mortgage term if you transfer the loan to another lender or another property (known as ‘redemption’). You may be charged a separate fee by your solicitor or licensed or qualified conveyancer for their work relating to redemption of the mortgage and discharge of the security.
| £60 |
Property valuation fee for mortgage purposes
The Cambridge will carry out a basic mortgage valuation, or equivalent, to confirm the property forms suitable security for the mortgage you’ve applied for. This report is designed for the benefit of The Cambridge as a lender only and does not include full details about the condition of the property. This report may not include a physical inspection and you may not receive a copy of the report. Below are the charges for a basic valuation for mortgage purposes. Before buying your property you should consider arranging a survey to check on the condition of the property and to identify any problems that might affect its value. Take a look at our mortgage and valuations guide online for more details – find the guide at:
| Purchase price not exceeding | Standard Valuation fee for mortgage purposes |
| £100,000 | £220 |
| £150,000 | £240 |
| £200,000 | £275 |
| £250,000 | £310 |
| £300,000 | £350 |
| £350,000 | £395 |
| £400,000 | £415 |
| £450,000 | £445 |
| £500,000 | £470 |
| £600,000 | £515 |
| £700,000 | £595 |
| £800,000 | £645 |
| £900,000 | £715 |
| £1,000,000 | £760 |
| £2,000,000 | £1,100 |
| £2,500,000 | £1,400 |
| £3,000,000 | £1,900 |