Mortgage Costs
Should you choose to apply for a northern rock mortgage, there will be certain fees that you will need to pay as part of the process of applying for and completing the new mortgage.
Valuation Fees
Whether you're buying a new home, or remortgaging your present one, you will need to have your property valued. You are responsible for paying the cost of this valuation, which must be paid at the time you submit your application for a new mortgage with northern rock.
See our guide to valuations for further information, but the current valuation fee scale is listed below:
| Purchase Price | Valuation Report Fee | Homebuyer's Fee |
|---|---|---|
| up to £60,000 | £357 | £509 |
| £60,001 - £100,000 | £377 | £548 |
| £100,001 - £150,000 | £406 | £587 |
| £150,001 - £200,000 | £431 | £631 |
| £200,001 - £250,000 | £455 | £675 |
| £250,001 - £500,000 | £514 | £739 |
| £500,001 - £750,000 | £568 | £788 |
| £750,001 - £1,000,000 | £612 | £837 |
| £1,000,001 - £1,500,000 | £739 | £1,032 |
| £1,500,001 - £2,000,000 | £886 | £1,228 |
| £2,000,001 - £2,500,000 | £1,032 | £1,424 |
| £2,500,001 - £3,000,000 | £1,179 | £1,718 |
| Over £3,000,000 | By Negotiation | By Negotiation |
| (Fees shown include VAT.) | ||
The Basic Valuation Report fee is exempt from VAT. It consists of a non-refundable £250 application fee and the gross cost of the valuation to Northern Rock.
The Homebuyers Report fee is made up of two elements:
- the Basic Valuation Report fee (including the £250 application fee) which is exempt from VAT
- the additional cost of the Homebuyers Report, on which VAT is applicable
The Homebuyer’s Report fee includes VAT on the element above the equivalent valuation report fee.
When the valuer is not instructed by Northern Rock, for example in Scotland, the £250 application fee will be debited to the mortgage account on completion. This policy applies across residential and BTL applications.
Product Fees
With certain northern rock mortgage deals a product fee is payable as part of the terms and conditions of the deal. You can choose to pay this fee up front, or can choose to add the product fee to your loan amount, in which case it will be debited to your account on completion of your new mortgage.
northern rock offers the option to take each of its mortgage deals without a product fee. See Save on Fees for details.