To discuss your existing mortgage with Quantum please contact: 0330 175 9849
Overview
The below information should be reviewed by anyone considering applying for a Buy to Let Mortgage with Quantum Mortgages. It details all fees and charges that may become payable when we undertake administrative services in connection with your Mortgage.
Please note that we may require certain charges to be paid in advance of services being undertaken. All our fees will be notified to you in advance in writing, including any charges which are required to be added to your account. All our fees include VAT where applicable.
Loan application Fees
1.1 Product Fee – Variable
This fee covers the administrative cost of setting up your chosen mortgage. The exact amount will be detailed on your Key Facts Illustration document.
1.2 Application Fee – £199
This fee is required at application submission stage and covers some of the cost of assessing and processing your application. It is a non-refundable fee.
1.3 Funds Release Fee – £35
This fee is charged to cover the cost of releasing your loan funds to your solicitor, by same day bank transfer. The fee will be deducted from your mortgage advance.
1.4 Valuation Fee – Variable
This fee covers the cost of obtaining a professional valuation report on the security property on which you are applying for a mortgage. This fee must be paid before the work is undertaken. The amount of this fee is shown in the Key Facts Illustration (Please note that the fee quoted is to be used as a guide only. This may change depending on the property type and the valuation provider required). This fee is refundable up until the point the valuation has taken place.
1.5 Re-inspection Fee – £150
Is charged where your property needs to be re-inspected again, after the initial valuation has been carried out. This fee must be paid before the work is undertaken.
1.6 Product Change – £175
If a change to a product is required after the Offer has been issued then a fee will be charged to switch to the new rate and have a new offer issued. (Please note that product switches are not available for Offers within their original 90-day validity period).
1.7 Offer Extension Fee – £75
An offer which requires an extension beyond the 90-day term will incur a fee for the extension and a new offer document to be issued.
1.8 Product Rate Reduction – £499
This fee is charged for a product switch to a lower rate product from a new product range following submission of an application. (Please note that this is not available for applications already offered).
Post mortgage completion: Change of circumstance fees
Change to Mortgage Terms – £120
This fee is charged where you wish to change the terms upon which your mortgage was agreed. For example, if you wish to change the length of your mortgage. Some changes may require a Deed of Variation and additional costs may apply which will be notified to you in advance. This fee will be charged for our assessment of any such request whether it proceeds or not. This fee must be paid before the work is undertaken.
Change to Repayment Type – £120
This fee is charged where you wish to change the method of repayment on your mortgage. This fee will be charged for our assessment of any such request whether it proceeds or not. This fee must be paid before the work is undertaken.
Variation to lease fee – £115
The administrative fee charged if you request our consent to a variation to the lease in respect of your property. This fee will be charged for our assessment of any such request whether it proceeds or not. This charge excludes any legal fees that may be payable to solicitors which will be your responsibility. This fee must be paid in advance of work being undertaken.
Partial Redemption Fee – £20
This is chargeable where you wish to make a part redemption on your mortgage.
Post mortgage completion: Arrears Related Charges
Rejected Cheque Payment – £20
This fee is charged if your bank cheque is returned unpaid by your bank. This fee will be added to your mortgage.
Rejected Direct Debit Fee – £25
This fee is charged if your direct debit payment is returned unpaid by your bank. This fee will be added to your mortgage.
Unpaid Leasehold Charges- £85
This fee is charged if you have not paid your ground rent or service charge and we are required to make payment on your behalf. This fee will be added to your mortgage. The payment of outstanding charges to your Freeholder will also be added to your mortgage account.
Repossession Fee – £410
This is charged where a repossession is instructed on your property.
Charging Order Fee – £30
This fee is charged where we receive a notification of a charging order being registered against the property.
Receiver Appointment Fee – £100
Charged where a receiver is appointed in connection with your property.
Tracing Fee – £40
This fee is charged when we are required to carry out a trace to locate a borrower.
Home Visit Instruction Fee – £45
This is charged where an agent is instructed to visit you at your home.
Post mortgage completion: Deeds and Redemption Related Charges
Redemption Fee – £105
This fee applies where you discharge the mortgage at any time during, or at the end of the mortgage term. This fee will be included in any redemption statement issued to you upon request.
Post mortgage completion: Miscellaneous Charges
Copy Mortgage Statement – £12.50
This fee is charged to cover the administrative costs of providing you with a copy of your mortgage statement. This fee must be paid in advance of the work being undertaken.
Mortgage Questionnaire Reference Request Fee – £30
This fee is charged where a request is received to supply a reference or other information regarding your mortgage account to another lender or body upon your written authority. This fee must be paid in advance of the work being undertaken.
Interim Audit Statement fee – £30
This is charged should you or a third party appointed by you request a statement in connection with your mortgage.
Certificate of Interest – £15
This is charged where a request is made for a certificate of interest or a duplicate in connection with your mortgage account.
Consent to Legal Fees – £100
This is chargeable where you agree to us instructing our solicitors in connection with your mortgage.
Copy of Deeds and Document Fee – £30
Chargeable should you request a copy of documents relating to your mortgage or the mortgage deed.
Deed of Easement Fee – £80
This fee is charged when our consent to a Deed of Easement is requested.
Land Compensation Fee – £90
This fee is charged when we receive notification of a Land Compensation claim.
Private Rented Property Licence Fee – £70
This is chargeable where a Private Property Licence is required.
Monthly non payment by Direct Debit Fee – £6
Chargeable where the mortgage payment is not made through Direct Debit.
Redemption Quotation Fee – £25
This is charged where a quotation for loan redemption is requested.
Solicitors Instruction Fee – £95
This is chargeable where a solicitors appointed by us is instructed in connection with your mortgage.
Waiver Letter Fee – £45
This is charged where a waiver letter is required.
Valuation instruction fee – £150
This fee is charged where a valuation is instructed on your property.
Solar Panel Consent fee – £85
This is charged where lease consent is required in connection with solar panels on your property.
Get in touch with us
If you have any questions regarding any aspect of this fee tariff, please contact us for more information.
In writing at Quantum Mortgages, PO Box 1043, Ipswich, IP1 9XZ.
By email: info@quantummortgages.co.uk.