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We’re 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 reflects the initiative's good practice principles. This same document is used across the industry to help customers compare mortgages.

When you look at the fees that other firms charge, you may notice some that don't appear in our tariff. This means we don't charge you these fees. But all our charges, including those that are specific to the Coventry are included in our Fees and Charges.

Tariff of mortgage charges

  • When you will pay this charge
Name of charge What 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.

Application fee

 

Assessing and processing your application (even if your application is unsuccessful or you withdraw it). £0 (£199 - £250 for porting cases)

Funds transfer fee

 

Electronically transferring the mortgage funds to you or your solicitor. £8

Legal fee

 

You will normally instruct a solicitor to act on your behalf in connection with your home purchase transaction. You may be required to pay their legal fees and costs as part of their work on your behalf. These fees/costs are normally charged by the solicitor, directly to you unless we tell you that we will contribute to the legal costs as part of your product deal. This may vary. Please refer to your mortgage illustration for our estimate. Please contact your solicitor for fee details

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 may vary. Please refer to your mortgage illustration

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.

This is included for properties up to £1,000,000. Please refer to your mortgage illustration for more information.

 

 

 

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.

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).
This may vary. Please refer to your mortgage illustration.
Change of parties administration fee Our administrative costs of adding or removing someone (a 'party') from the mortgage. This will show on your mortgage illustration as 'administration fee'. £100
Consent to let fee If you want to let your property but don't have a buy-to-let mortgage, you'll pay this for each 'consent to let' agreement, where we agree to you letting out your property for a set period within your existing owner-occupier mortgage. This will show on your mortgage illustration as 'administration fee'.

£100

In addition, the interest rate will be increased by 1% for the period during which the property is let and will be removed when the property is reoccupied by you or the mortgage is transferred to a Buy to Let mortgage.

 

 

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.

Unpaid/returned Direct Debit or cheque Payable when your nominated bank rejects a Direct Debit collection, or your payment by cheque is returned unpaid by your bank. £5
Arrears fee

You may be charged an arrears fee on a monthly basis, or when specific events happen in the management of your account when you are in arrears. This covers charges in respect of your account if you fall behind with your payments.

 

£20
Further details can be found in our booklet 'Our Fees and Charges Explained'

 

 

 

 

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. This may vary. Please refer to your mortgage illustration
Mortgage exit 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.

This may vary. Please refer to your mortgage illustration.

Existing members

Whether you'd like to borrow more, move home or change your current mortgage, we're here to help.

Help and guides

We’ve got lots of information to help you understand more about our mortgages and lending criteria.

Other information

Read some of the other important information you should know about having a mortgage with us.