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?
Before your first monthly payment These are the fees and charges you may have to pay before we transfer your mortgage funds	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 fee varies and will be listed as part of the details of a product shown in your Illustration and offer letter.
	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 fee varies based on the property value and type of scheme chosen. View our Valuation Fees
	Account fee (We call this Mortgage Account fee)	Depending on your product, you may be charged a fee for creating and managing your mortgage account.	£295

When you will pay this charge

Name of charge

What this charge is for

How much is the 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

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 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	Name of charge	What this charge is for	How much is the 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.	Arrears fee (We call this Arrears management fee)	You may be charged a fee if you fall behind with your payments and your account is in arrears.	£35
	Litigation management fee	If we instruct solicitors to collect arrears or seek possession.	£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 you will pay this charge

Name of charge

What this charge is for

How much is the charge?

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.

The fee will be a percentage of the loan amount. Please refer to your Illustration or offer letter for full details.

Mortgage exit fee (We call this Closing administration charge)

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.

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.

Up to £50

There are other costs associated with buying a property and taking out a mortgage.

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2.

Valuation fees

Please see Valuation schemes for details about the types of valuation.

Currently, as a concession, we offer a free Level 1 mortgage valuation for mortgage purposes. This offer can be withdrawn at any time.

The cost of a Level 1 mortgage valuation has already been deducted from the Level 2 costs in the tables below.

Level 2 Survey and valuation – Lloyds Residential Applications

Property value	Level 2 survey and valuation fee
Up to £150,000	£225
From £150,001 to £250,000	£250
From £250,001 to £300,000	£275
From £300,001 to £500,000	£300
From £500,001 to £600,000	£350
From £600,001 to £700,000	£400
From £700,001 to £800,000	£500
From £800,001 to £900,000	£550
From £900,001 to £1,000,000	£650
From £1,000,001 to £1,200,000	£700
From £1,200,001 to £1,400,000	£800
From £1,400,001 to £1,500,000	£850
From £1,500,001 to £1,700,000	£950
From £1,700,001 to £1,900,000	£1,050
From £1,900,001 to £2,000,000	£1,150
Over £2,000,000	Fee confirmed on application

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3.

Buy-to-let valuation fees

Please see Valuation schemes for details about the types of valuation.

Currently, as a concession, we offer a free Level 1 mortgage valuation for mortgage purposes. This offer can be withdrawn at any time.

The cost of a Level 1 mortgage valuation has already been deducted from the Level 2 costs in the tables below.

Level 2 Survey and valuation - Lloyds Buy-to-let Applications

Property value	Level 2 survey and valuation fee
Up to £150,000	£275
From £150,001 to £250,000	£300
From £250,001 to £300,000	£325
From £300,001 to £600,000	£375
From £600,001 to £700,000	£400
From £700,001 to £800,000	£500
From £800,001 to £900,000	£550
From £900,001 to £1,000,000	£600
From £1,000,001 to £1,200,000	£700
From £1,200,001 to £1,400,000	£800
From £1,400,001 to £1,500,000	£850
From £1,500,001 to £1,700,000	£950
From £1,700,001 to £1,900,000	£1,050
From £1,900,001 to £2,000,000	£1,150
Over £2,000,000	Fee confirmed on application

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You could lose your home if you don’t keep up your mortgage repayments