Change to Tariff of Charges for Isle of Man mortgages

We have written to customers with an Isle of Man mortgage to advise that the following changes to our Tariff of Charges will come into effect on 01 July 2024:

• 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 offer after completion:
  • Change of Term Fee
  • Change of Repayment Method Fee
  • Change of Parties Administration Fee
• We have also removed the Funds Transfer Fee

We will no longer send a current Tariff with mortgage statements each year, instead we will notify customers if there are changes to the Tariff.  Customers can ask for a copy of the current Tariff at any time or refer to the Tariff published on this website.

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