All applications are subject to our lending policy and relevant status enquiries. We will require a mortgage on a freehold or leasehold property in England and Wales. We are not bound to make a loan on these terms or at all.
These products are only available for Transfers but are not available for Buy to Lets (unless the product states specifically). A Transfer is where you have a mortgage with us and wish to change the product terms which apply to it.
Our mortgage products may be withdrawn at any time. Therefore if you wish to take advantage of these product terms it is important that you contact us as soon as possible.
We do not charge a Higher Lending Charge. This is a one-off fee often charged by lenders when the loan is above a specified percentage of the value of the property.
Fees payable to Derbyshire Building Society:
Description: Redemption Fee
Payable On: Redemption
Refundable: No
Fee Type: Fixed
Added to Mortgage: No
The actual amount payable if you redeem your mortgage, i.e. repay it in full, including any previous advances, will depend upon the start date of the mortgage:
Mortgages completed on or after 1.06.2006 - £125
Mortgages completed on or after 1.06.2005 & before 1.06.2006 - £95
Mortgages completed before 1.06.2005 - £75
Fee’s described as current may change before they become payable. You may have to pay other taxes or costs in a addition to any fees shown here
If within the deal period, you repay the mortgage in full or make capital repayments of over 10% per year, we will make an early repayment charge, calculated as a percentage (shown in the tables below).
With these products you can make overpayments each year of up to 10% of the balance outstanding on the previous 1 April (or loan date if the loan had not been made on the previous 1 August) without having to pay an early repayment charge.
4% before 31 July 2009
3% between 1 August 2009 and 31 July 2010
4% before 31 July 2010
3% between 1 August 2010 and 31 July 2012
2% between 1 August 2012 and 31 July 2013
5% before 31 July 2013
4% between 1 August 2013 and 31 July 2015
3% between 1 August 2015 and 31 July 2017
2% between 1 August 2017 and 31 July 2018
3% on or before 31 July 2011
These products are portable. If you take out a mortgage on these terms and later sell the property to purchase a new home you can take that mortgage with you to your new property. This is provided that you repay the old mortgage with us on the same day as taking out your new mortgage with us and the same people take out the new mortgage. You and the house you are purchasing must also meet our lending criteria.
In this situation you will only need to pay an early repayment charge on the mortgage being repaid if the amount you borrow to buy your new property is less than your old mortgage or if you don’t want to take the old mortgage terms with you.
Bank Rate means the Bank of England Base ‘repo’ Rate. It is a variable rate set by the Bank of England, on the 10 April 2008 it was set at 5.00%. If the product terms provide that the rate of interest is linked to Bank Rate we agree that we will vary the rate of interest you pay within one month of a change in Bank Rate by the Bank of England.
If you choose to take out a Flexible Mortgage the entire amount borrowed must be on flexible terms. It is not possible to have part of the mortgage on flexible terms and part of the mortgage on other terms. Therefore further advances on flexible mortgages must be taken on flexible mortgage terms available at the time of the application for the further advance.
If you have made overpayments we will, if you ask us to, allow you to make underpayments or take payment holidays up to the amount you have overpaid. Interest will continue to be charged to the account during the payment holiday or period for which you are making underpayments on the balance outstanding at the end of each month including any unpaid insurance premiums.
If at the end of the payment holiday or period for which you have made underpayments the total monthly amounts due which you have not paid are greater than your overpayments at the start of the payment holiday (e.g. an increase in interest rates has taken place during the payment holiday), you will immediately pay the shortfall.
When the interest rate changes during or after the end of the payment holiday or period for which you have made underpayments we will recalculate the monthly amount due and let you know the new monthly payment. This may be higher than the monthly payment before the start of the payment holiday to reflect the interest and possibly insurance premiums that you have not paid.
Payment holidays and underpayments will not be available where a borrower is receiving mortgage interest payments from the DSS or Mortgage Payment Protection Insurance payments.
We offer free, for the first 3 months, accident, sickness and unemployment cover, subject to eligibility, at the time of making your mortgage application. Terms and Conditions apply.
Derbyshire Mortgage Payments Protection Insurance is underwritten by Royal and SunAlliance Insurance plc (No. 93792). Registered in England and Wales at St Mark's Court, Chart Way, Horsham, West Sussex, RH12 1XL. Authorised and regulated by the Financial Services Authority.