Understanding our fees

A fee which is payable when your mortgage is drawn down. The amount of the Arrangement Fee will vary depending on the product chosen.

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All other standard first direct 1st Account (our Current Account) charges will apply. See full Terms and Conditions for details.

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This is a non-refundable fee charged on some mortgages to secure a particular mortgage deal. Once the booking fee has been paid, your chosen rate will be available for six months, from the date of the Initial Offer Document. For our Fixed rate mortgages, the booking fee is payable for every £400,000 of lending or part thereof.

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This is a report commissioned for the information of the buyer. It provides a full picture of the properties construction and condition. This includes subsidence, foundations, external walls, the history of the property and future maintenance.

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This report is solely for the purpose of arriving at a current market value to enable the lender to determine the amount of the advance. Its intention is to point out the major defects that exist and so it should not be relied upon to assess the saleability of the property.

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This is an administration cost to cover the costs in closing a mortgage once it has been fully repaid. Where a customer wishes to transfer their rate to another property and the sale and purchase complete simultaneously, the closure fee will be waived.

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An early repayment charge is a charge you may have to pay if you choose to fully repay your mortgage early.

Early repayment charges do not apply to first direct mortgages if you choose to make overpayments or lump sum payments to your mortgage.

If you take a Fixed rate mortgage and you repay the whole of your mortgage during the Fixed rate period an early repayment charge will apply. This charge is calculated at 3% of the original mortgage amount during the first year of the Fixed rate period and 2% of the original amount if the mortgage is closed in any subsequent year during the Fixed rate period. If you choose to repay your mortgage after the Fixed rate period has ended, no early repayment charge will apply.

The amount of any early repayment charge will be displayed on both your Key Facts Illustration and mortgage offer, which you will receive should you decide to progress with a mortgage application.

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Fee Free means no booking fee, no arrangement fee and no standard valuation fee. We will cover the cost of one standard valuation where this is required by first direct as part of your mortgage application.

Other fees and charges may apply, for example, legal fees, early repayment charge, charges raised by your existing lender.

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If you are purchasing a property then in addition to the arrangement fee and/or any booking fee, you will also need to pay for your legal costs, valuation and survey for both offset and Repayment Mortgages. first direct will pay your money transmission fees.

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This is a report commissioned for the information of the buyer. It is designed as an economy package and so concentrates on defects and problems that are urgent or significant. It does not explore structural aspects or detail remedial works.

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These are the fees payable to your solicitor or licensed conveyancer. first direct will also need a solicitor or licensed conveyancer to act on behalf of the bank. If your appointed solicitor / licensed conveyancer meets our criteria then we will appoint them to act on behalf of the bank. If not, first direct will instruct another solicitor. The borrower is responsible for these fees.

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Mortgages from our Limited Edition range are available for a limited period and normally come with their own fees and interest rates. Our Limited Edition mortgages are in addition to our Standard and Fee Free range.

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If you are remortgaging a property in England, Ireland, Scotland or Wales then in addition to the arrangement fee and/or any booking fee you will need to pay for a valuation. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees. If you are changing the owner(s) of the property you will need to pay for the additional legal costs to effect any change in the ownership of the property you are re-mortgaging. Where the mortgage and property will both continue to be in the same names and the property will be your main residence, we will prepare the legal documentation. This means that there will be no basic solicitors costs for you to pay.

However you will not have any legal representation unless you arrange and pay for it yourself. If you are transferring your mortgage to first direct from another mortgage provider, they may charge an early repayment charge if you are moving during a fixed rate or "tied-in" period.

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