Change to Tariff of Charges and Standard Mortgage Terms & Conditions for Jersey mortgages

Tariff of Charges for Jersey mortgage accounts

We have written to customers with a Jersey mortgage to advise that the following changes to our Tariff of Charges will come into effect on 30 September 2023:

• We have replaced the Account Fee of £225 which was charged for managing a mortgage account and was payable on completion or could be deferred until the end of the mortgage. The replacement charge of £225 is called the Redemption Administration Fee and is charged for closing a mortgage account and will only be payable when a mortgage ends. If a customer has already paid the Account Fee they will not have to pay this Redemption Administration Fee
• We have removed the specific flat fee amount for the Re-Inspection and Re-Valuation Fees, and instead an account holder should contact us for the applicable fee if a new valuation or re-valuation is required
• We have removed the following fees for varying a mortgage after completion:
  • Change of Term Fee
  • Change of Repayment Method Fee
  • Change of Parties Administration Fee
• We have introduced a new ‘Redemption Legal Fee’ of £250, which becomes due when a mortgage ends. This covers the fees charged by our lawyers relating to the redemption of the mortgage and discharge of our security over the property and will be deducted from the total redemption amount payable.

Standard Mortgage Terms and Conditions for Jersey mortgages

We have written to customers with a Jersey mortgage to confirm that we have amended the Standard Mortgage Terms and Conditions.  In summary:

• We have updated to reference Direct Debit payments, which must still be taken from a Gold Account, instead of standing orders
• Any change to our Standard Variable Rate, if applicable to a mortgage, will now come into effect on the first working day of the month which immediately follows the month in which the rate decision is made, and we will give written notice, if applicable, at the same time as we give notice of a change to the monthly payment.  This replaces the thirty day and seven day notice periods for rate increases and reductions respectively that applied previously
• We have removed references to Account Fees as the fee is no longer application as per the changes to the Tariff as stated above.

If you have any queries about these changes, please contact us.