Flexible Features
Overpayments
For products which have Early Repayment Charges you are able to repay up to 5% of the original loan each year, commencing from completion, without incurring an early repayment charge. If not utilised, it cannot be carried forward to subsequent years.
Each time you make an overpayment your monthly repayment will be recalculated to repay the reduced mortgage balance over the remaining mortgage term and you will be notified accordingly. For all other products, overpayments of any amount can be made.
Underpayments
An underpayment is any payment that is less than the normal monthly mortgage payment or a nil payment. If you have overpaid on a regular monthly basis, you are allowed to make reduced monthly repayments until the overpaid amount has been cleared.
Payment Holidays
A payment holiday is an agreed period of time when you can take a break from making payments. If you have overpaid on a regular monthly basis, you are allowed to take a payment holiday until the overpaid amount has been cleared.
Standard Remortgage Work
This feature covers the Society’s costs involved in a standard remortgage transaction where the advance amount is over £75k. If the advance amount is less than £75k a contribution fee of £95 will be required. The standard remortgage work does not however, cover the following costs (which is the clients responsibility):
- Costs of first registration if necessary (in England and Wales)
- Costs arising on transfer of title
- Costs in relation to postponement/discharge of charges
- Costs of notice to landlord when property is leasehold
- Cost of additional insurance to cover defects in title
- Any costs charged by any legal adviser instructed by the client
Our legal advisers will only act for us. They will undertake limited checks on the title to the property to ensure we, as the mortgage lender are protected.
They will not provide any advice regarding the transaction. Should your client require legal advice they must contact their own solicitor and they will be responsible for any costs.
Daily Interest
Interest on all Marsden mortgages is calculated on a daily basis. This means that you will receive an immediate benefit for every payment made to the mortgage account, reducing the total amount of interest charged over the term of the mortgage.
Portability
All Marsden mortgage products are portable which means if you move home during the period of your product you can transfer the product to your new property (subject to Society lending criteria at the time). Terms and conditions apply, so please ask for details.
Tie-ins?
All Marsden mortgages come with a special ‘no extended tie-in’ feature.
Compulsory Insurance
There are no compulsory insurances that have to be taken via the Society. Buildings Insurance is however, compulsory, and if not arranged through the Society a policy schedule must be on the mortgage file. When your own buildings insurance is taken there is a one-off fee of £25 to cover our administration costs.
Free Property Assessment
We may offer mortgage products with a ‘free property assessment’. This report is used by the Society to determine whether your property is suitable security for a mortgage and if so how much we can lend. A detailed survey report, which we are able to arrange on your behalf, is always recommended. You must meet the cost of this.
Interest Rate Changes
A change in the Bank of England base rate will see the new rate become effective on your mortgage within 30 days. The interest rate charged may be set at a differential above or below the Bank of England base rate. For example, if the Bank of England base rate was set at 5.00% and there was a differential of 0.50% above, then the interest payable would be 5.50%. Please note the Society operates an interest rate floor on its Bank of England base rate tracker mortgages. This means that the overall rate of interest charged will not reduce below the interest rate floor stipulated in the product terms and conditions.
