Tariff of Mortgage Charges

Halifax 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 some that don’t appear in our tariff (below). This means we don’t charge you these fees.

In our mortgage conditions we refer to this Tariff of Mortgage Charges as our charges and our costs. These are the charges and standard costs which you may have to pay us during the life of your mortgage. We'll tell you of any charges in advance, so you'll have agreed to them before they become payable. These charges and standard costs can change from time to time.

Further information about how we deal with charges and costs can be found in the Mortgage Conditions booklet we send if you receive a mortgage offer.

For simplicity, whenever we refer to 'solicitor', we mean a 'conveyancer' or a 'solicitor'.

When you will pay this charge Name of chargeWhat this charge is for How much is the charge?
Before your first monthly payment

These are the fees and charges you may have to pay before we transfer your mortgage funds
Product 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. This fee varies and will be listed as part of the details of a product shown in your Illustration and offer letter.
Re-inspection fee (We call this Property 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. We may also charge this fee where a re-inspection of the property is necessary after the initial valuation is carried out for example, when we are asked to release money that we have held back. £70 per inspection
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.
From £240 This fee varies based on the property value and type of scheme chosen.

View our Valuation Fees
Account fee (We call this Mortgage Account fee)
Depending on your product, you may be charged a fee for creating and managing your mortgage account. £295


When you will pay this charge Name of chargeWhat this charge is for How much is the charge?
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
Revaluation fee for additional borrowing This fee may be payable where you have applied for additional borrowing. It covers the cost of obtaining a valuation of your property where we need to and involves an internal inspection. Dependent on property value.

View our Valuation Fees
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).
The fee will be a percentage of the loan amount. Please refer to your Illustration or offer letter for full details.
Change of parties administration fee (Transfer of mortgaged property (transfer of ownership)) Our administrative costs of adding or removing someone (a ‘party’) from the mortgage. £160

 

When you will pay this charge Name of chargeWhat this charge is for How much is the 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.
Arrears management fee   We may charge you an arrears management fee each time we try to contact you. Arrears management fees reflect the extra work we have to do for customers in arrears and what that costs us. £35
Litigation management fee If we instruct solicitors to collect arrears or seek possession. £100

 

You must also meet other additional costs we incur. These costs may include such things as the following work, which third parties may do on our behalf:

  • Field Agent costs - a Field Agent is a third party who will make a visit to the property to discuss your financial circumstances on our behalf.
  • Solicitor's costs - individual to each case.
  • Court fees.
  • Asset Managers costs - Asset Managers are third parties who will manage the marketing and sale of a repossessed property.
When you will pay this charge Name of chargeWhat this charge is for How much is the charge?
Ending your mortgage term Early repayment charge (ending your mortgage) You may be charged this if you repay your mortgage in full before the mortgage term ends. The fee will be a percentage of the loan amount. Please refer to your Illustration or offer letter for full details.
Mortgage exit fee (We call this Repayment 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.

The Repayment Administration fee was withdrawn for customers applying for a mortgage from 31st July 2007. If a Repayment Administration fee applies to your mortgage, the amount of the fee will be shown in your Annual Mortgage Statement. It will also be shown on any Amount Owing Statement we issue. The fee is charged when your account is closed.
Up to £50 - See your Annual Mortgage Statement for details.

 

There are other costs associated with buying a property and taking out a mortgage.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE