Explanatory Notes
Explanatory Notes
Product availability
These products are limited issues and may be withdrawn without notice. Remortgages only available to new borrowers.
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 into your local branch and make an appointment with a Personal Mortgage Adviser or 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 Dunfermline Building Society can be arranged directly with a branch of the Society, through Dunfermline Direct or via an intermediary e.g. your solicitor, estate agent or financial adviser.
All communications with us may be monitored/recorded to improve the quality of service and for your protection and security.
Fees
An arrangement fee may apply to a product. Please refer to individual product details. Where applicable this fee will normally be added to the loan or can be paid when the loan is advanced. Adding the fee to the loan will slightly increase your monthly mortgage payments.
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. If the loan is repaid early a mortgage exit administration fee, currently £199, will be payable.
Dunfermline Building Society’s Standard Variable Rate (SVR) as at 23/06/2009
Our Standard Variable Rate is currently 5.19%.
Annual Percentage Rate (APR)
Annual Percentage Rate is an expression of the effective interest rate that the borrower will pay on a loan. It includes items such as the interest rate paid at the start of the mortgage, application fee, valuation fee and other charges commonly paid at the end of a mortgage. It is the overall cost for comparison purposes. This figure is intended to help customers to compare the overall cost of different loans
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 |
£106.06 |
£75 |
£181.06 |
| H |
£267.55 |
£75 |
£342.55 |
| £50,001 to £100,000 |
V |
£135.43 |
£75 |
£210.43 |
| H |
£340.96 |
£75 |
£415.96 |
| £100,001 to £150,000 |
V |
£169.68 |
£75 |
£244.68 |
| H |
£414.36 |
£75 |
£489.36 |
| £150,001 to £250,000 |
V |
£228.40 |
£75 |
£303.40 |
| H |
£492.66 |
£75 |
£567.66 |
| £250,001 to £350,000 |
V |
£293.00 |
£75 |
£368.00 |
| H |
£586.25 |
£75 |
£661.25 |
| £350,001 to £500,000> |
V |
£390.75 |
£75 |
£465.75 |
| H |
£724.25 |
£75 |
£799.25 |
V = Valuation Report, H = Homebuyers Report
NOTE: 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. In some instances a free valuation may be applicable (if a free valuation is applicable and you choose to arrange the valuation yourself we will pay £80 to help with the cost.) Please refer to individual product details.
Moving property
You can move home and keep this mortgage with us (except Shared Ownership loans) without paying the Early Repayment Charge (the early closure 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.
Lending guide - (basic information only – mortgage applications are subject to full lending criteria)
| Product type | Standard Product
| Standard Variable Rate | Shared
Ownership |
| Minimum Loan | £20,000
| £2,000
| £5,000 |
| Availability | Scotland | Scotland | Scotland |
| Maximum Loan | £500,000 | £500,000 | £100,000 |
| Maximum Loan to Value | 85% | 85% | 85% |
| New Build Properties | 80% Loan To Value
| 80% Loan To Value | 80% Loan To Value |
| Minimum Age | 18 | 18 | 21 |
Additional important information
With every residential mortgage a one-off fee of £25 is payable where buildings insurance is not arranged through the Society.
Bank of England (BoE) Base Rate - (BBR) as at 23/06/2009
The Bank of England base rate is variable and is currently 0.50%.
Higher Lending Charge (HLC)
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
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. All the above documents are available from Dunfermline Direct and every branch of the Society.
Mortgages are secured on property. Written quotations on request. Mortgage subject to an appraisal of financial standing and a minimum age of 18.
Dunfermline Building Society (which includes Dunfermline Direct) is a trading division of Nationwide Building Society. Nationwide Building Society is authorised and regulated by the Financial Services Authority (registration number 106078) for life assurance, pensions, unit trusts, insurance and regulated mortgages. Nationwide Building Society, Head Office, Nationwide House, Pipers Way, Swindon, SN38 1NW.
Dunfermline Building Society introduces only to Aviva Life Services UK Limited for life assurance, pensions and investments and provides insurance products underwritten by Axa Insurance UK plc. Both Aviva Life Services UK Limited and Axa Insurance UK plc are authorised and regulated by the Financial Services Authority.