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Tariff of Mortgage Charges
Lloyds Bank 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 notice some that don’t appear in our tariff. 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 which 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'.
1. Charges
|
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 Before your first monthly payment |
Name of charge Product fee Insert details (keep brief) 3.70% AER/3.64% tax free variable monthly if you make 3 or less withdrawals. 1.05% AER/1.04% tax free variable monthly if you make 4 or more withdrawals. |
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. |
|
When you will pay this charge
Anyone. You don't need a current account to apply. |
Name of charge Valuation fee Insert rate details |
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 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. |
How much is the charge? This fee varies based on the property value and type of scheme chosen. |
|
When you will pay this charge |
Name of charge Account fee |
What this charge is for Depending on your product, you may be charged a fee for creating and managing your mortgage account. |
How much is the charge? £295 |
|
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 |
Name of charge Early repayment charge (Changing your mortgage) |
What this charge is for You may have to pay this if:
|
How much is the charge? This fee varies and will be a percentage of your loan amount it will be listed as part of the details of a product shown in your Illustration and offer letter. |
|
When you will pay this charge 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. |
Name of charge Arrears fee (We call this Arrears management fee) |
What this charge is for You may be charged a fee if you fall behind with your payments and your account is in arrears. |
How much is the charge? £35 |
|
When you will pay this charge |
Name of charge Litigation management fee |
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 will you pay this charge |
Name of charge |
What this charge is for |
How much is the charge? |
|---|---|---|---|
|
When will you 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 will you pay this charge |
Name of charge Mortgage exit fee (We call this closing administration charge) |
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’). 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. The Closing administration charge does not apply to mortgages entered into on or after 1st August 2007. If a Closing administration charge applies to your mortgage, the amount of the fee will be shown in your Annual Mortgage Statement. It will also be shown on any Amount Owing Statement we issue. The fee is charged when your account is closed. |
How much is the charge? Up to £50 |
There are other costs associated with buying a property and taking out a mortgage.
2. Valuation fees
Please see Valuation schemes for details about the types of valuation.
The table below illustrates the current fees we will charge for a level 1 valuation report or a level 2 survey and valuation.
Valuation fees - Lloyds Residential Applications
|
Property value |
Level 1 Mortgage Valuation |
Level 2 survey and valuation |
|---|---|---|
|
Property value Up to £150,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £225 |
|
Property value From £150,001 to £250,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £250 |
|
Property value From £250,001 to £300,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £275 |
|
Property value From £300,001 to £500,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £300 |
|
Property value From £500,001 to £600,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £350 |
|
Property value From £600,001 to £700,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £400 |
|
Property value From £700,001 to £800,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £500 |
|
Property value From £800,001 to £900,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £550 |
|
Property value From £900,001 to £1,000,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £650 |
|
Property value From £1,000,001 to £1,200,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £700 |
|
Property value From £1,200,001 to £1,400,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £800 |
|
Property value From £1,400,001 to £1,500,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £850 |
|
Property value From £1,500,001 to £1,700,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £950 |
|
Property value From £1,700,001 to £1,900,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £1,050 |
|
Property value From £1,900,001 to £2,000,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation £1,150 |
|
Property value Over £2,000,000 |
Level 1 Mortgage Valuation £100 |
Level 2 survey and valuation Fee confirmed on application |
3. Buy-to-let valuation fees
Please see Valuation schemes for details about the types of valuation.
The table below illustrates the current fees we will charge for a level 1 valuation report or a level 2 survey and valuation.
Valuation fees – Lloyds Buy-to-let Applications
|
Property value |
Level 1 Mortgage valuation |
Level 2 survey and valuation |
|---|---|---|
|
Property value Up to £150,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £275 |
|
Property value From £150,001 to £250,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £300 |
|
Property value From £250,001 to £300,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £325 |
|
Property value From £300,001 to £600,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £375 |
|
Property value From £600,001 to £700,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £400 |
|
Property value From £700,001 to £800,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £500 |
|
Property value From £800,001 to £900,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £550 |
|
Property value From £900,001 to £1,000,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £600 |
|
Property value From £1,000,001 to £1,200,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £700 |
|
Property value From £1,200,001 to £1,400,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £800 |
|
Property value From £1,400,001 to £1,500,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £850 |
|
Property value From £1,500,001 to £1,700,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £950 |
|
Property value From £1,700,001 to £1,900,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £1,050 |
|
Property value From £1,900,001 to £2,000,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation £1,150 |
|
Property value Over £2,000,000 |
Level 1 Mortgage valuation £100 |
Level 2 survey and valuation Fee confirmed on application |
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