Product incentives.

What are they?

From time to time we may offer mortgage products that include incentives – these are special offers that make some products more attractive than others. Not all incentives are available to all customers and not all incentives are available all the time.

Some incentives require you to have another product with us, for example to have your main current account. If so, we’ll say this in the section of your Mortgage Illustration headed ‘Flexible features’.

The interest rate for products with incentives may sometimes be slightly higher than for products without incentives. So you need to consider whether the incentive available at the start of the mortgage is more important to you than the slightly lower interest rate you may get during the product rate period without the incentive.

Your home may be repossessed if you do not keep up repayments on your mortgage.


Free purchase conveyancing

If we offer free purchase conveyancing as an incentive, we'll choose the conveyancer for you. If you prefer to use your own conveyancer, you shouldn't choose this incentive because we won't pay your conveyancer's legal costs.

What's included in free purchase conveyancing

What's not included in free purchase conveyancing

The basic legal fee for the purchase.

Fees for additional work outside the scope of a standard property purchase, for example, preparing a declaration of trust to set out the different interests of the property’s co-owners.

The fee for the legal work done on our behalf.

Administration for Stamp Duty Land Tax/Land and Buildings Transaction Tax (properties in Scotland) or the tax itself.

Any leasehold supplements (but not any landlord’s (lessor’s) registration fee that may apply), for example, a fee to the landlord for registering the change in lease ownership.

Any money paid out, such as search fees.

The basic legal fee for the purchase.


Fees for additional work outside the scope of a standard property purchase, for example, preparing a declaration of trust to set out the different interests of the property’s co-owners.


The fee for the legal work done on our behalf.


Administration for Stamp Duty Land Tax/Land and Buildings Transaction Tax (properties in Scotland) or the tax itself.


Any leasehold supplements (but not any landlord’s (lessor’s) registration fee that may apply), for example, a fee to the landlord for registering the change in lease ownership.


Any money paid out, such as search fees.



Free remortgage conveyancing

If we offer free remortgage conveyancing as an incentive, we'll choose the conveyancer to deal with the legal work. If you prefer to use your own conveyancer, you shouldn't choose this incentive because we won't pay your conveyancer’s legal costs.

What's included in free remortgage conveyancing

What's not included in free remortgage conveyancing

The fee for the legal work done on our behalf.

Any legal advice or additional services you want the conveyancer to provide. (If you're in Northern Ireland, you can't ask our conveyancer for advice or additional services – you must instruct a different conveyancer.)

The fee for the legal work done on our behalf.


What's not included in free remortgage conveyancing

Any legal advice or additional services you want the conveyancer to provide. (If you're in Northern Ireland, you can't ask our conveyancer for advice or additional services – you must instruct a different conveyancer.)

Contribution to household bills

If we offer to contribute to one of your household bills, for example your council tax, when your mortgage starts, you'll need to complete a form and return it with your first bill. This must be addressed to you (or at least one of you if more than one person is named on the loan). You must ask us for the money within six months of the mortgage starting. So make sure you do this in good time, and then you won’t lose out.

When we receive your form, we'll send the money direct to your service provider and then write and let you know when we have done this. Bear in mind that you remain responsible for paying your bills. When you move into your new home, you must contact your service provider to discuss how you want to pay your bills.


Cashbacks

If we offer a cashback as an incentive, your Mortgage Illustration and offer letter will set out how much it will be, how we'll send it to you and when we'll pay it. Sometimes, we offer a cashback as a reward for having another relationship with us, for example having a current account or savings account. If so, this will also be shown in your Mortgage Illustration and offer letter.


Interest cashback

If we offer a cashback of interest charges, your Mortgage Illustration and offer letter will say so. Cashback could be for one month or more.

To calculate the cashback we'll use the total amount you're borrowing, and multiply by the highest interest rate we'll charge you at the start of your mortgage. We calculate one month’s interest based on 31 days. The example below shows how we do this. If our offer is for more than one month’s interest, we calculate 31 days for each month. So, for example, we use 62 days to calculate two months’ interest cashback. There may be a maximum to the amount of interest cashback we’ll pay.

We'll write to let you know how much the cashback will be. We’ll send the cashback to the bank account from which you have chosen to pay your monthly mortgage payment.

Your home may be repossessed if you do not keep up repayments on your mortgage.