Member range

These products are available to existing members who have held a Derbyshire mortgage or savings account continuously for at least the last 6 months. These products are not available for Further Advances, Buy to Lets or for existing borrowers not moving home.

The First Time Buyer product is available to applicants who have been a member with a qualifying account for over 6 months or who are recommended to the Society by a parent or legal guardian who have held a qualifying account for the same period (The definition of a First Time Buyer for the 100% LTV product is that all applicants must never have owned a property before.) Remortgage (for applicants who don’t currently have a mortgage with Derbyshire Building Society and aren't moving home).

Our mortgage products may be withdrawn at any time.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 apply (by completing the application form and paying the booking fee) as soon as possible.

If we have not made a mortgage offer within 3 months of your application it will lapse and the product you have applied for will no longer be available. If you then wish to reapply you will have to pay a further booking fee.

If you wish to amend your application to apply for a mortgage on a different property you may do so. If the product you originally applied for is no longer available for new mortgage applications the product will no longer be available to you and you will need to apply for a new product from the current mortgage range. In this situation you will not have to pay a further Booking Fee provided your new application is within 3 months of your original application. If the Booking Fee for the new product you are applying for is higher than the booking fee you have already paid then you only need to pay the difference.

Once you have applied for a mortgage you may switch to a different product at any time. You will not be able to switch the original booking fee, which means that you will have to pay the booking fee and application fee applicable for the new product you wish to switch to from the current mortgage range.

Your deposit is calculated as a percentage of the purchase price or valuation (for mortgage purposes) whichever is the lower. We will lend up to the difference between the deposit and the lower of the purchase price or valuation.

We may require a higher deposit depending on the purpose of the borrowing or amount you wish to borrow.

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.

If an application fee is payable the £150 initial booking fee is payable ‘up front’ and is nonrefundable once you have received the Key Facts Illustration and confirmed that you wish to proceed.

You can pay the balance of the application fee before completion or we will deduct it from the mortgage advance before we send it to the solicitor provided you will still be contributing the minimum deposit.

If you want us to deduct it from the mortgage advance before we send it to the solicitor you should check with them whether the amount they will receive is sufficient to purchase your new property or, if you are remortgaging, to repay your existing mortgage(s).

There will be a fee payable to us on redemption (total repayment) of your mortgage, in addition to any early repayment charge referred to in this leaflet. The fee is £125 and will be fixed for the life of the mortgage.

If you choose to have a Homebuyer Survey and Valuation, you will have to pay the fee to us on application. The cost of the valuation, which is non-refundable, will also depend on the purchase price of the property. The scale of fees is shown in the table below.

If you require a Building Survey, you must instruct the specialist surveyor direct and a Mortgage Valuation will still be required as the fee scale in the Mortgage Valuation table. The Surveyor/Valuer will send the Terms of Engagement and the report will be carried out once these have been signed and returned.

If within the fixed rate 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 April) without having to pay an early repayment charge.

Unless stated you will have to pay the legal fees. If we agree to pay for standard legal fees as part of the product, we will instruct a law firm to act on our behalf to carry out the legal work required to move your mortgage to us. You are free to choose your own law firm; if you do we will not pay the legal fees.

We will also not pay the costs or part of the costs, and you will need to, in the following circumstances:

1) If the costs are for work not normally involved in a standard remortgage (e.g. if the property is not currently owned by the persons applying for the mortgage, for postponing another mortgage secured on the property, for registering unregistered land, removing third and subsequent charges, correcting title which is not otherwise suitable security)

2) If your property is leasehold:
a) the fee your landlord charges for serving notice on them of our charge.
b) a fixed supplement if the remortgage cannot be treated as fast track (e.g. if:
- title is unregistered,
- there are notices, cautions, restrictions, or inhibitions registered against the property,
- not all charges currently registered against the mortgage will be repaid)
3) if your existing mortgage(s) or any surplus funds are to be repaid by telegraphic transfer
4) any fees charged by your existing lender e.g. early repayment charges, deeds production fee.

The law firm we instruct normally carries out less extensive legal checks than the law firm who acted for you when you purchased your home. We obtain insurance to cover some of the checks they would otherwise have done. We don’t charge you for the policy we obtain, the insurer can recover from you any payment it makes to us.

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.

Where we offer a cashback, you will normally receive this within 14 days after completion. If we are releasing the mortgage advance in stages or making a retention from the mortgage advance the cashback will be paid following the release of the final stage payment or release of retention. You may have to pay tax on your cashback, contact your inland revenue office or tax advisor for further details.

Bank Rate means the Bank of England Base ‘repo’ Rate. It is a variable rate set by the Bank of England, view the current rate here. 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 is greater than your overpayments at the start of the payment holiday (eg 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 is underwritten by Royal & Sun Alliance 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.