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You should read this page together with our current Easy Guide to Mortgages and Mortgage Fees and Charges Tariff leaflets. Rates and repayments are variable, unless we tell you otherwise. All applications are subject to our lending policy and relevant status enquiries (including checks to verify your identity). We will require a mortgage on a freehold or leasehold property in England and Wales. We are not bound to make a loan on these terms or at all.
These products are available for existing residential mortgage customers taking additional borrowing, and are not available for new customers. We will also limit availability to certain types of applicants, where stated e.g. existing customers moving home (when an existing Derbyshire Building Society customer is porting the existing mortgage and requiring further borrowing or seeking to obtain a new product should they not wish to port their existing residential mortgage (Early repayment Fees will still be payable in this instance) or further advance (where a customer requires additional borrowing against their existing property).
Our mortgage products may be withdrawn at any time. Therefore if you wish to take advantage of these product terms it is important that you apply (by completing the application form and paying the application fee) as soon as possible.
If we have not made an offer within 3 months of your application it will lapse and the product you have applied for will no longer be available.
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If you wish to amend your application to apply for a mortgage on a different property you may do so. If the product you originally applied for is no longer available for new mortgage applications the product will no longer be available to you and you will need to apply for a new product from the current mortgage range. In this situation you will not have to pay a further Booking Fee provided your new application is within 3 months of your original application. If the Booking Fee for the new product you are applying for is higher than the booking fee you have already paid then you only need to pay the difference.
Once you have applied for a mortgage you may switch to a different product at any time. You will not be able to switch the original booking fee, which means that you will have to pay the booking fee and application fee applicable for the new product you wish to switch to from the current mortgage range.
Your deposit is calculated as a percentage of the purchase price or valuation (for mortgage purposes) whichever is the lower. We will lend up to the difference between the deposit and the lower of the purchase price or valuation.
We may require a higher deposit depending on the purpose of the borrowing or amount you wish to borrow.
We do not charge a Higher Lending Charge. This is a one-off fee often charged by lenders when the loan is above a specified percentage of the value of the property.
Existing residential mortgage customer moving homeWhere an application fee is payable, this can be added to the loan after paying an initial £150 non-refundable booking fee. The booking fee is due once you have received a Key Facts Illustration and confirmed you wish to proceed. Adding a fee to the loan will increase the total amount you will pay. Interest will also be added to the fee.
Further advances Application fees will be deducted from the mortgage advance before it is sent to you or your solicitor
Switching your deal There are currently no application fees on our switcher products
There will be a fee payable to us on redemption (total repayment) of your mortgage, in addition to any early repayment charge referred to in this leaflet. The fee is £125 and will be fixed for the life of the mortgage.
If you choose to have a Homebuyer Survey and Valuation, you will have to pay the fee to us on application. The cost of the valuation, which is non-refundable, will also depend on the purchase price of the property. The scale of fees is shown in the table below.
If you require a Building Survey, you must instruct the specialist surveyor direct and a Mortgage Valuation will still be required as the fee scale in the Mortgage Valuation table. The Surveyor/Valuer will send the Terms of Engagement and the report will be carried out once these have been signed and returned.
If within the fixed rate period, you repay the mortgage in full or make capital repayments of over 10% per year, we will make an early repayment charge, calculated as a percentage (shown in the tables below).
With these products you can make overpayments each year of up to 10% of the balance outstanding on the previous 1 April (or loan date if the loan had not been made on the previous 1 August) without having to pay an early repayment charge.
Unless stated you will have to pay the legal fees. If we agree to pay for standard legal fees as part of the product, we will instruct a law firm to act on our behalf to carry out the legal work required to move your mortgage to us. You are free to choose your own law firm; if you do we will not pay the legal fees.
We will also not pay the costs or part of the costs, and you will need to, in the following circumstances:
1) If the costs are for work not normally involved in a standard remortgage (e.g. if the property is not currently owned by the persons applying for the mortgage, for postponing another mortgage secured on the property, for registering unregistered land, removing third and subsequent charges, correcting title which is not otherwise suitable security)
2) If your property is leasehold: a) the fee your landlord charges for serving notice on them of our charge. b) a fixed supplement if the remortgage cannot be treated as fast track (e.g. if: - title is unregistered, - there are notices, cautions, restrictions, or inhibitions registered against the property, - not all charges currently registered against the mortgage will be repaid) 3) if your existing mortgage(s) or any surplus funds are to be repaid by telegraphic transfer 4) any fees charged by your existing lender e.g. early repayment charges, deeds production fee.
The law firm we instruct normally carries out less extensive legal checks than the law firm who acted for you when you purchased your home. We obtain insurance to cover some of the checks they would otherwise have done. We don’t charge you for the policy we obtain, the insurer can recover from you any payment it makes to us.
These products are portable. If you take out a mortgage on these terms and later sell the property to purchase a new home you can take that mortgage with you to your new property. This is provided that you repay the old mortgage with us on the same day as taking out your new mortgage with us and the same people take out the new mortgage. You and the house you are purchasing must also meet our lending criteria.
In this situation you will only need to pay an early repayment charge on the mortgage being repaid if the amount you borrow to buy your new property is less than your old mortgage or if you don’t want to take the old mortgage terms with you.