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Fees and charges

Effective from 1st October 2018

We make charges for some of the additional services we carry out. This information has been produced so you may take these costs into consideration when using our services.

You can add some of the fees to your mortgage but remember, interest will then be charged on these fees.

This symbol indicates fees that are not applicable if you were charged a Mortgage account fee on completion of your mortgage, or if we have not charged the Mortgage account fee because of the product(s) you chose. If we charged a Mortgage account fee we will have told you in your mortgage offer. This fee covers the setting up, routine maintenance and closing down of the mortgage account.

Mortgage Account Fee:

From the 1st October 2018 for new business applications the Mortgage Account fee will not apply.

The mortgage account fee is an interest-free fee which was charged on new mortgage completions.

If we charged you a mortgage account fee when your mortgage completed, this amount is now shown in sub-account 98 on your letter issued in September 2021 and on your next annual statement with the description "Mortgage account fee".

If fees are added to your mortgage, these will be put into sub-account 99. The interest rate, repayment method and term of sub-account 99 will be the same as the interest rate, repayment method and term of your first open sub-account.

Valuation Fees

Initial valuation fee from £100

Arranging an initial valuation from £100. An initial valuation is required when you take out a new mortgage with us. Fees are variable depending on the value/purchase price of the property and the scheme. We will confirm the charge to you before arranging the valuation.

Property re-valuation fee for additional borrowing – from £100

This fee maybe 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.

Property re-inspection fee - Release of retentions and or Self Build stage release £114

Property re-inspection fee - Release of land -– from £132.50

This fee may be payable where you have applied to release part of your land from under the mortgage. It covers the cost of obtaining a valuation of your property where we need to and involves an internal valuation.

Early repayment charges

We offer different types of mortgage products with different interest rates. With some of these there might be a charge if you repay all or part of your mortgage within a certain period of time. We refer to these as early repayment charges. Details of any early repayment charges that apply to you, and when they may be charged, are set out in your mortgage offer document or you can call us on 0345 300 2627 (lines are open Monday to Friday 8am to 8pm, Saturday 9am to 1pm).

If early repayment charges apply, the charge will be based on the amount you owe when you make the overpayment to your mortgage. If you only repay part of your mortgage we'll charge you a proportion of the early repayment charge due.

If your current Birmingham Midshires mortgage deal is ending and you're looking to switch to a new deal, early repayment charges are waived if there are 3 months or less to run on your existing deal.

Also, if you're moving home and you take your existing Birmingham Midshires mortgage deal with you, you won't have to pay any early repayment charges.

As a concession, in each calendar year you can make regular or lump sum overpayments of up to 10% of the amount owed on each sub-account at 1st January without having to pay an early repayment charge. If the total amount you overpay during the year exceeds 10%, we'll only charge you an early repayment charge on the proportion you overpay above 10%.

Remember, as this is a concession, we can change or withdraw our 10% early repayment charge concession without notice. So, if you decide to make any regular or lump sum overpayments, it's always best to call us and check if the policy has changed. You can reach us on 0345 300 2627 (lines are open Monday to Friday 8am to 8pm, Saturday 9am to 1pm).

Product Transfer Fee: variable

If you change the product (interest rate) after completion of your mortgage, there may be a product fee for the new product. This will vary in amount depending on what product is chosen.

Vacating Fee

If we charge a vacating fee, we will tell you the amount of the fee and whether it is variable in your most recently accepted mortgage offer, further advance offer or mortgage product transfer offer. The amount of the fee, if applicable, will also be shown in your Annual Mortgage Statement and in any Amount Owing Statement we issue. We will also tell you the amount of the fee at any time you ask us to. This fee will be waived if the mortgage has run its full term (including any agreed extensions and/or term applicable to any further advance).

Collections and Recoveries Fees

Arrears statements: £15

This fee is charged for providing an additional statement of arrears on your account. A charge is not made for automatic statements.

Instructing solicitors: £100

This charge is made where it becomes necessary to instruct solicitors to commence legal proceedings.

Banking fees: £35

This charge is made for returned direct debits / dishonoured cheques.

Other Expenses

Borrowers will have to pay any costs we pay to third parties that we may instruct to recover any money owed to us, or to create or protect our security, or in using our legal rights.

We may be required to pay solicitors' charges, which you will need to reimburse us for.

A copy of this information will be sent to you each year with your mortgage statement.

Please note the level of fees charged is subject to change and we advise you to check with us the cost of any fees or charges.

For telephone line opening times, please read the information in our contact section. Calls may be monitored and recorded for security and training purposes.

Our tracker rate mortgages are linked to Bank of England Bank Rate (also known as Bank of England repo rate). Details of this rate can be found on the Bank of England website or in the Financial Times or other leading newspapers.

Security and privacy policy

© Birmingham Midshires

This site is intended for UK residents unless otherwise stated. Mortgage Loans will be made by Birmingham Midshires.
Birmingham Midshires is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh, EH1 1YZ.
To contact the FCA Consumer helpline, please ring 0800 111 6768 or visit MoneyHelper.