Explanatory Notes
Please read ‘A Guide to your Mortgage’ and the ‘Mortgage Tariff’ in conjunction with this information. These contain important terms and conditions which affect your mortgage. These documents are available from Dunfermline Direct.
Product availability These products are limited issues and may be withdrawn without notice.
Maximum loan term The maximum loan term on our mortgage products is 35 years. In normal cases loans must be repaid by retirement age but in some circumstances we will consider mortgage terms beyond this subject to affordability and the loan being repaid no later than age 70. If the loan term exceeds the normal retirement age then we will require proof of pension income for the period between the normal retirement age and the end of the mortgage term.
How to arrange a mortgage Call Dunfermline Direct on 0845 601 2218 for more information. We will ask you to provide us with photographic evidence of your identity, for example a full valid passport and a full UK driving licence (not a provisional), and proof of your address. If you do not have either of these items, or other valid evidence ask our staff for advice. A mortgage with Nationwide Building Society trading as Dunfermline Building Society can be arranged directly with Dunfermline Direct. All communications with us may be monitored/recorded to improve the quality of service and for your protection and security.
1. Fees An arrangement fee may apply to a product. Please refer to individual product details. Where applicable this fee could be added to the loan or can be paid when the loan is advanced. Please note that adding the fee to your loan amount will increase your monthly repayments and will increase the interest payable over the term of the mortgage.
2. Early Repayment Charges An Early Repayment Charge may apply to a product. Please refer to individual product details. As an example, a 4% Early Repayment Charge for a capital repayment of £1,000 would be £40, or for the full repayment of a £90,000 loan this would be £3,600. This charge also applies when switching products in the Early Repayment Charge period. If the loan is repaid early a mortgage exit administration fee, currently £199, will also be payable.
3. Standard Variable Rate (SVR) - Our Standard Variable Rate is currently 5.19%.
4. Annual Percentage Rate (APR) Annual Percentage Rate is an expression of the effective interest rate that the borrower will pay on a loan, taking into account one-time fees and standardizing the way the rate is expressed. In other words the APR is the total cost of credit to the consumer, expressed as an annual percentage of the amout of credit granted. APR is intended to make it easier to compare lenders and loan options.
5. 10% Overpayment Facility You can make a one off annual lump sum payment of up to 10% of the original loan amount without incurring an early repayment charge during the term of the mortgage product. Any such overpayment must be for a minimum amount of £500, over and above the monthly mortgage payment, and can only be made during the month of January. The amount you owe and the interest you will pay will be reduced immediately. If you repay more than 10% of the original loan amount early repayment charges will apply to the excess amount. If you wish to make a lump sum payment please make us aware of this at that time.
Valuation fees The Society requires a valuation. Where this is carried out on behalf of the Society, it will be for the Society’s purposes only. You will be responsible for the cost of the valuation and the Society’s administration fee. The following fees apply:
| Valuation | Valuation Type | Valuation Fee | Administration Fee | TOTAL COST |
| Up to £50,000 | V | £188.94 | £88.13 | £277.07 |
| H | £261.87 | £88.13 | £350.00 |
| £50,001 to £100,000 | V | £219.57 | £88.13 | £307.70 |
| H | £336.87 | £88.13 | £425.00 |
| £100,001 to £150,000 | V | £255.32 | £88.13 | £343.45 |
| H | £411.87 | £88.13 | £500.00 |
| £150,001 to £250,000 | V | £316.60 | £88.13 | £404.73 |
| H | £491.87 | £88.13 | £580.00 |
| £250,001 to £350,000 | V | £384.00 | £88.13 | £472.13 |
| H | £587.50 | £88.13 | £675.63 |
| £350,001 to £500,000> | V | £486.00 | £88.13 | £574.13 |
| H | £728.50 | £88.13 | £816.63 |
V= Valuation report, H= Homebuyer’s report.
NOTE: The valuation fees above only apply for properties in Scotland. For existing customers only, please contact us for details regarding properties in England. For properties valued over £500,000, valuation fees are by arrangement. Fees are less in the case of further advances and may be less for remortgages. Where re-inspection is required, an additional but reduced fee is payable each time. Please ask our staff for details. Refer to the booklet ‘A Guide to Your Mortgage’ for full details of the types of valuation.
Moving property You can move home and keep your mortgage with us, except Shared Ownership loans, without paying the Early Repayment Charge (the mortgage exit administration fee still applies) provided that your outstanding mortgage is greater than £20,000 at the time that you move and that all other terms and conditions of this mortgage are met. If you do not transfer the whole of your outstanding mortgage to your new property, then you will have to pay any early repayment charge that is due on the balance not transferred. Please note that for existing customers with Resteasy loans, only the outstanding mortgage may be transferred and no further borrowing will be available.
Lending Guide (basic information only – mortgage applications are subject to full lending criteria).
| Product type | Standard Product
| Standard Variable Rate |
| Minimum Loan | £20,000
| £2,000
|
| Availability | Scotland | Scotland |
| Maximum Loan | £500,000 | £500,000 |
| Maximum Loan to Value | 85% | 85% |
| New Build Properties | 80% Loan To Value
| 80% Loan To Value |
| Minimum Age | 18 | 18 |
Additional important information With every residential mortgage a one-off fee of £25 is payable where buildings insurance is not arranged through the Society. This charge is designed to to enable us to fund internal contingency arrangements to protect Dunfermline Building Society against any loss.
Bank of England (BoE) Base Rate (BBR) as at 26/10/2009 – The Bank of England base rate is variable and is currently 0.50%.
Higher Lending Charge (HLC) – A higher lending charge is a fee charged by mortgage lenders where the amount borrowed exceeds a given percentage of the value of the property. This fee may be used by Dunfermline Building Society to purchase an insurance policy designed to protect it against the loss in the event of customers defaulting and ceasing to repay their mortgage. A higher lending charge is payable where the loan is greater than 80% of the purchase price or valuation whichever is the lower. Where the loan is between 80% and 85% of the lower of the purchase price or valuation and meets our lending criteria, the higher lending charge is paid by the Society. In certain circumstances the higher lending charge fee may be waived, please see individual product information for details.
Cashback – In some instances there may be a cashback option available. This is payable after you have made your first monthly payment. Please refer to individual product details.
Governing law and language Unless we agree otherwise with you in our mortgage deed, our relationship with you will be governed by the law of Scotland. We will communicate with you in English. Our mortgage products are available to UK residents only.
Other important information Dunfermline Building Society is a trading division of Nationwide Building Society which is authorised and regulated by the Financial Services Authority under registration number 106078. Credit facilities other than regulated mortgages are not regulated by the Financial Services Authority.
Nationwide Building Society is authorised and regulated by the Financial Services Authority under registration number 106078. Credit facilities other than regulated mortgages are not regulated by the Financial Services Authority.
Head Office: Nationwide House, Pipers Way, Swindon, Wiltshire SN38 1NW. Nationwide is a registered trademark of Nationwide Building Society. © Nationwide Building Society.
You can confirm our registration on the FSA's website, www.fsa.gov.uk or by contacting the FSA on 0300 500 5000.
Mortgages are secured on a property. Written quotations on request. Mortgage subject to an appraisal of financial standing and a minimum age of 18.