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Tariff of mortgage charges
Halifax is closely involved in the mortgage industry’s initiative with UK Finance 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 see 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 that 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'.
|
Name of charge |
When you'll pay this charge |
What this charge is for |
How much is the charge? |
|---|---|---|---|
|
Name of charge Product fee |
When you'll 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. |
What this charge is for 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. |
How much is the charge? This fee varies and will be listed as part of the details of a product shown in your Illustration and offer letter. |
|
Name of charge Re-inspection fee (We call this Property re-inspection fee) |
When you'll pay this charge Before your first monthly payment |
What this charge is for If your mortgage loan 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. |
How much is the charge? £70 per inspection |
|
Name of charge Valuation fee |
When you'll pay this charge Before your first monthly payment |
What this charge is for The lender’s valuation report, which is used to calculate how much it will lend you. This is separate from any property valuation or survey of the property you might want to commission. |
How much is the charge? From £100. This fee varies based on the property value and type of scheme you chose. |
|
Name of charge |
When you will pay this charge |
What this charge is for |
How much is the charge? |
|---|---|---|---|
|
Name of charge Revaluation fee for additional borrowing |
When you will pay this 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. |
What this charge is for This fee may be payable where you have applied for additional borrowing. It covers the cost of getting a valuation of your property where we need to and involves an internal inspection. |
How much is the charge? Dependent on property value. |
|
Name of charge Partial release of property fee (We call this Property re-inspection fee) |
When you will pay this charge If you change your mortgage |
What this charge is for Payable if you want to remove part of the property or land from the mortgage. It covers the new valuation we need to do for the release of land. |
How much is the charge? £70 per inspection |
|
Name of charge Early repayment charge (changing your mortgage) |
When you will pay this charge If you change your mortgage |
What this charge is for You may have to pay this if:
|
How much is the charge? The fee will be a percentage of the loan amount. Please refer to your Illustration or offer letter for full details. |
|
Name of charge |
When you will pay this charge |
What this charge is for |
How much is the charge? |
|---|---|---|---|
|
Name of charge Litigation management fee |
When you will pay this charge If you are unable to pay your mortgage |
What this charge is for If we instruct solicitors to collect arrears or seek possession. |
How much is the charge? £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 charge |
What this charge is for |
How much is the charge? |
|---|---|---|---|
|
When you will pay this charge Ending your mortgage term |
Name of charge Early repayment charge (ending your mortgage) |
What this charge is for You may be charged this if you repay your mortgage in full before the mortgage term ends. |
How much is the charge? The fee will be a percentage of the loan amount. Please refer to your Illustration or offer letter for full details. |
|
When you will pay this charge Ending your mortgage term |
Name of charge Mortgage exit fee (We call this Repayment Administration fee) |
What this charge is for You may have to pay this if:
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’). |
How much is the charge? Up to £50 - See your Annual Mortgage Statement for details. |
There are other costs related with buying a property and taking out a mortgage.