Initial interest with your first mortgage payment

Your first mortgage payment is usually higher than your usual standard monthly mortgage payment. This is because it's made up of two separate amounts.
 

• The first payment is a one-off amount to pay the initial interest. This is the interest charged from the day we release funds to your solicitor to the end of the calendar month. It is taken around 14 days after the completion.
• The second payment is your agreed monthly mortgage payment, covering the first full calendar month. 
• These payments may be taken at the same time or very close together.

To help you budget for a higher first mortgage payment, we’ll send you a letter three working days after completion. This will tell you the amount you’ll need to pay.
 

Early Repayment Charges

• Should you decide to repay your mortgage early or switch to a new deal, there is usually a charge applied. This is normally a percentage of your current mortgage balance.
• As some of our residential mortgage deals are transferrable (or 'portable') which means that if you move house within your fixed rate period (or within a tracker or discounted period if applicable), we will pay back any charge you incur. This refund is subject to conditions which are laid out in your original offer document and is dependent on you borrowing the same amount and on the same deal.

Valuation fee

• If you have a residential mortgage and decide to apply for some additional lending or you are moving home, we may need to do a re-valuation of your property (or a new valuation on your new property if moving home). There is a non-refundable charge for this valuation.
• If you are switching to a new mortgage deal, we will use an estimated valuation of your current property to assess your eligibility. If you decide to request a revaluation in the event that you feel our valuation is inaccurate, a non-refundable charge of £70 applies.

Mortgage product fee

• Any change to your existing mortgage which involves a new mortgage deal may involve paying a product fee. This is a fee paid to secure a particular mortgage deal but does vary between products and is not always payable.
• You should check the terms of any new product to check if a product fee needs to be paid.