Tariff of Charges

Saffron Building Society is closely involved in the mortgage industry's initiative with the Council of Mortgage Lenders and Which? to make our fees and charges easy for you to understand.

Our Tariff of Charges fully reflects the initiative's good practice principles. This same document is being used across the industry to help customers compare mortgages.

When looking at the fees that other firms charge, you may notice that some don't appear in our tariff. This means we don't charge you these fees.

The Society believes that we should offer all of our members good service and good rates of interest and that good service should come as standard, without charge. This tariff gives details of those charges which will be made for services not provided as standard.

When you will pay this charge: 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). £135.00
(£300.00 for self-build)
Electronic funds transfer fee Electronically transferring the mortgage funds to you or your solicitor. £35.00
Legal fee You will normally instruct a solicitor to act on your behalf in connection with your home purchase or remortgage 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. Variable
Product fee (we call this an arrangement fee) This is charged on some mortgages as part of the deal. It can be paid up-front 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. Variable
Re-inspection fee If your mortgage is released in stages or you're using it to renovate your home, this covers the new valuation we need to do after the work has been carried out. Variable
Valuation fee The lender's valuation report, which is used to calculate how much it 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.

When you will pay this charge: If you ask us for extra documentation and/or services beyond the standard management of your account

Name of charge What this charge is for? How much is the charge?
Duplicate/Interim statement fee Requesting a copy of a previous mortgage statement or an interim statement of your account as it stands. It might be paid by you or another lender. £12.00
Request for legal documentation fee Any original documents relating to your mortgage, e.g. title deeds that you ask for. £50.00
Duplicate request for Certificate of Interest paid (for each year) Fee Requesting a copy of a previously issued certificate of interest paid. At Saffron, if you request this, we will provide you with an Interim Statement. £12.00
Additional borrowing application fee Assessing and processing an application for additional borrowing on your mortgage account (even if your application is unsuccessful or you withdraw it). £145.00

When you will pay this charge: If you change your mortgage

Please note: 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).
Variable. As detailed on your offer
Change of term fee Extending or reducing the remaining term of your mortgage. £50.00
Change of repayment method fee Transferring all or part of your mortgage from a repayment to an interest-only basis or from an interest-only basis to a repayment basis. £50.00
Partial release of property fee Payable if you want to remove part of the property or land from the mortgage. It covers administration costs, including sealing the relevant legal deed and issuing letters of consent. £100.00
Change of parties administration fee Our administrative costs of adding or removing someone (a 'party') from the mortgage. £135.00
Multiple mortgage variations fee Payable if you are carrying out more than one of the above variations at the same time. £75.00
Consent 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. £100.00
Giving you a reference Charged if another lender asks us for a mortgage reference, such as how you have managed your account with us. We will only supply this if you have given us permission. £25.00
Consent to second charge administration fee Charged if another lender asks us to provide our consent for the registration of a second charge against your property. £50.00
Loan security administration fee Charged if you ask us to agree to any changes to your mortgage deeds. £75.00

When you will pay this charge: If you are unable to pay your mortgage

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. £12.00
Arrears fee You may be charged an arrears fee on a monthly basis, or when specific events happen in the management of your account when you are in arrears.
This covers charges in respect of your account if you fall behind with your payments.
Field Agent visit fee Charged if we have to instruct a field agent to visit you in relation to missed payments on your mortgage account. The costs paid by us to the field agent acting on our behalf will be added to your mortgage account. £110.00
Solicitor instruction fee Charged if we instruct solicitors to take legal action for the repossession of your property. £100.00
Solicitor costs The costs paid by us to solicitors who are taking legal action on our behalf for the repossession of your property will be added to your mortgage account. Variable
Unpaid ground rent/service charges If we have to pay the ground rent or service charges on a mortgaged property the amount we pay will be added to the mortgage debt. Variable
Unpaid ground rent/service charges administration fee Charged to cover the administration of paying unpaid Ground Rent or Service Charges to your Freeholder or their agent. £100.00

When you will pay this charge: 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 terms ends. Variable. As detailed in your offer
Mortgage exit 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.

These fees and expenses are inclusive of VAT where applicable, and may be subject to change from time to time. The amount of the fee charged will be the amount which is current at the time the fee is charged. Fees and expenses charged to your mortgage account will be subject to interest at the interest rate applicable to your mortgage.

Issue date: December 2017