All information correct at :
We would like you to be aware of the fees and charges we will make for a number of operations relating to your Second Charge Mortgage. This is our Tariff of Fees and Charges as referred to in the terms and conditions of your Second Charge Mortgage Offer or Loan Agreement. We may charge additional fees or charges for other operations in line with the terms and conditions of your Offer, Loan Agreement or Mortgage Deed (as permitted by applicable law). Please contact us for further details. This Tariff applies to your Second Charge Mortgage until it is changed by us from time to time in accordance with the terms and conditions of your Offer or Loan Agreement. Other or higher fees may apply in some circumstances. In this Tariff, unless stated otherwise, VAT is included.
Words and expressions in this Tariff have the meanings given to them in your Loan Agreement or Offer and Mortgage Conditions. In particular, in this Tariff: we, us and our means Optimum Credit Limited (registered in England and Wales as company number 8698121) and anyone who at any time in the future is entitled (as legal or beneficial owner) to all or any of the creditor’s rights under your Loan Agreement, Offer or Mortgage Deed (including as a result of a transfer as referred to in the terms and conditions of your loan agreement or mortgage deed, as applicable).
The tariff of fees and charges applicable to your account depends upon the type of Second Charge Mortgage you have with us. If you would like to discuss this in more detail, please call us on 0333 014 3125.
This charge is for the assessment and processing of your application.
|Please refer to your Offer document for confirmation of the Lender Fee being applied to your mortgage|
The charge is for the lender’s valuation report, which is used to calculate how much it will lend you. This is separate from any valuation or survey of the property you might want to commission.
|Depends on the type of valuation and the value of the property|
Transfer of Charge Application Fee
Please note – This is currently not a service we provide.
This fee is for an application to transfer our legal charge to a different property.
Change of parties administration fee
Please note – This is currently not a service we provide.
Our administrative costs of adding or removing someone (a ‘party’) from the mortgage.
Giving you a reference
Charged if another lender asks us for a mortgage reference, such as how you have managed your mortgage account with us. We will only supply this if you have given us permission.
Deed of Postponement Application Fee
This charge is to cover the cost of considering your application for our consent to entering into a Deed of Postponement in relation to the mortgage on your property securing your second charge mortgage with us (even if the consent is not given). The fee is due once we
Partial release of property fee
Our administrative costs of allowing you to sell off part of the land on which your property is situated.
You may be charged an arrears fee on a monthly basis, or when specific events happen in the management of your account when you are in arrears.
The cost of a visit to your home of an Optimum Credit representative, if this is necessary to discuss payment arrears.
|Up to £90|
Early Repayment Charge
You may be charged this if you repay your mortgage in full before the mortgage term ends.
|This is a percentage of the amount redeemed depending on the type of product and term remaining|
Mortgage exit fee
You may have to pay this if:
This is payable either at the end of the mortgage term, or before the end of your mortgage term if you transfer the loan to another lender or another property (known as ‘redemption’).
You may be charged a separate fee by your solicitor or licensed or qualified conveyancer for their work relating to redemption of the mortgage and discharge of the security.
|Please refer to your Offer document for confirmation of the Mortgage Exit Fee being applied to your mortgage|
|Statement of Account Fee (chargeable for 3rd party requests) This fee relates to the administration costs involved in either producing detailed information related to your account over and above that contained in your annual Statement of Account, or for producing a duplicate annual Statement of Account for a previous year. The fee will be charged for each statement requested and will be debited to your account unless you choose to pay this fee separately.||£25|
|Transfer of Charge Application Fee Please note – This is currently not a service we provide. This fee is for considering an application to transfer our legal charge to a different property. The fee is due when you make the application for the transfer. If we request an up to date valuation of the property to which you wish to transfer the charge, a revaluation fee will be payable in addition to the transfer of charge fee.||£125|
|Deed of Postponement Application Fee This charge is to cover the cost of considering your application for our consent to entering into a Deed of Postponement in relation to the mortgage on your property securing your loan with us (even if the consent is not given). Please contact our Customer Service team for further information on this service.||£125|
|Add or Remove Borrower Application Please note – This is currently not a service we provide. This fee will be charged when you ask us to consent to the addition or removal of a borrower from the loan agreement and/or mortgage deed (even if the consent is not given) and is to cover the costs of dealing with the request||£100|
|Lender Reference (chargeable for 3rd party requests) This charge relates to the costs of us providing a reference to another lender.||£75|
|Discharge Fee (payable upon early settlement, or at the end of your term) This fee is for the preparation of documents for discharging and arranging the discharge of your loan and mortgage. It also relates to costs of preparing any other legal document for execution, the execution of the documents by us or on our behalf and updating our records. The fee is debited to your account unless you choose to pay this fee separately. For borrowers living in Scotland, an additional fee will be payable for arranging the discharge of the security (to cover Scottish Land Registry charges).||£95|
|Electronic Payment Charge This charge is payable when all or part of an advance is transferred directly to your account specified by you and/or your representative. The charge will be deducted from the amount transferred.||Up to £30|
|Subsequent Charge Consent Application This charge is to cover the cost of us considering your application for our consent to a subsequent charge secured on your property securing your loan with us (even if the consent is not given).||£75|
|Arrears Visit This charge relates to the costs of us arranging for a field agent to visit you (or attempt to visit you) in your home where we have been unable to agree payment arrangements with you to clear outstanding arrears, or on your specific request. You will be given advance notice of our intention to instruct a field agent||Up to £90|
|Rejected Payment Charge This charge relates to administration costs when your bank account provider rejects a direct debit, cheque or card payment due to insufficient funds in your bank account. The fee is debited to your account unless you choose to pay this charge separately.||£20|
|Default Notice Charge This charge relates to the costs of investigating, preparing and sending a Default Notice to you in the event that you default under your obligations to us in relation to your loan agreement or mortgage deed.||£50|
If our fees or charges increase, we will send you an updated version of our Tariff in advance.
Fees are due and immediately payable at the time the service, action or event to which it relates occurs and (unless stated otherwise above) any overdue unpaid fees and charges will be added to your loan balance and will accrue interest. These fees and charges may be changed in the future in line with the terms and conditions of your Loan Agreement or Offer and Mortgage Deed (as permitted by applicable law).
Existing customers please contact us on 0333 014 3125