As part of taking out your mortgage
| Name of charge | What this charge is for | How much will Riverton charge? |
| Adviser fee | You will have to get advice and apply through an adviser. Your chosen adviser will charge you their costs directly. | Ask your adviser to confirm these costs. |
| Legal fee | You will have to instruct a solicitor to act on your behalf and provide you with independent legal advice when taking out a lifetime mortgage. Your chosen solicitor will charge you their costs directly. | Ask your solicitor to confirm these costs. |
|
Product fee/ |
This is charged on some lifetime mortgages to cover setup and legal costs. It can be paid up-front or added to the total lifetime mortgage amount. | £0 |
| Valuation fee | To determine the maximum amount we can lend you, and/or the interest rate applicable on your lifetime mortgage, we will instruct a valuation of your property. This valuation is solely for our purposes and is separate from any property valuation or survey you may want to commission for yourself. | £0 |
|
Energy |
As part of the valuation of your property the surveyor will also perform an Energy Performance Assessment. You will be sent an Energy Performance Certificate (EPC) to help understand the energy efficiency of your home and areas of potential improvement. You are not required to undertake any of the suggested improvements as part of this mortgage. | £0 |
|
Reinspection/ |
In some circumstances we may need to reinspect or revalue your property after the initial valuation. This may occur if for example a full inspection was not possible first time or the initial valuation expires. | £0 |
| Funds transfer fee | This covers our costs for transferring your lifetime mortgage funds to your solicitor. | £0 |
If you decide to take further borrowing
| Name of charge | What this charge is for | How much will Riverton charge? |
| Drawdown fee | If you take a lifetime mortgage with a drawdown facility and choose to draw from this facility, this fee is charged to cover setup, valuation and legal costs. Unlike your initial advance, when taking a drawdown loan, financial and legal advice are not mandatory but are recommended. | £0 |
| Further advance adviser fee | You will have to get advice and apply through an adviser. Your chosen adviser will charge you their costs directly. | Ask your adviser to confirm these costs. |
| Further advance legal fee | When taking further borrowing you may wish to consider taking independent legal advice. Unlike your initial advance, it is not mandatory when taking further borrowing but is recommended. | Ask your solicitor to confirm these costs. |
| Further advance application fee | This is charged on some lifetime mortgages further advances to cover our setup and legal costs. It can be paid up-front or added to the total lifetime mortgage amount. | £0 |
| Further advance valuation fee | As at initial advance, to determine the maximum further borrowing you can take and/or the interest rate applicable on your further advance, we will instruct a new valuation of your property. This valuation is solely for our purposes and is separate from any property valuation or survey you may want to commission for yourself. |
£0 |
Moving home or changing borrowers
| Name of charge | What this charge is for | How much will Riverton charge? |
| Porting arrangement fee |
If you decide to move home during your mortgage and wish to transfer your mortgage product to the new property (known as porting) this fee covers our costs to administer the porting application, including the legal cost to transfer this. The fee is paid for each application and is non-refundable e.g. if you decide not to go ahead with the move, the fee is still payable. You will be responsible for your own legal fees associated with moving home. |
£500 |
| Porting valuation fee | This fee covers our cost of valuing your new property, if you apply to port your mortgage product to a new property. This valuation is solely for our purposes and is separate from any property valuation or survey you may want to commission for yourself. | £0 for the first valuation on a new property. There may be a charge if any subsequent valuations are required in the next 12 months. |
| Porting early redemption charge | The repayment charge due when making a mandatory partial repayment after moving home to a new, suitable property which meets the requirements of our lending criteria. | £0 |
| Transfer of equity fee | Our administrative and legal cost for removing a borrower from the lifetime mortgage (known as a transfer or equity). Note, new borrowers cannot be added to an existing mortgage, a new application is required. The fee is paid for each application and is non-refundable e.g. if you decide not to go ahead with the transfer of equity, the fee is still payable. | £150 |
During your mortgage
| Name of charge | What this charge is for | How much will Riverton charge? |
| Part sale of land | If you request us to release any part of the property, an administration fee will need to be paid. You may also be required to pay valuation and legal costs; however, this would be discussed once we have received your request. | £100 |
| Valuation fee |
If we require a valuation of your property for any reason not covered above. For example, to check the condition of your property following a suspected breach of the terms and conditions. |
Variable and provided at the point of contact. |
| Occupancy visit | Charged to cover the cost of a representative visiting your property if you are believed to be in breach of your mortgage terms and conditions, for example where we haven't received a response to the continuing occupancy form. | £125 |
| Duplicate/interim mortgage statement | We will provide you with an annual mortgage statement for free. If you require a statement outside of the annual cycle there is a fee to cover the administration. | £10 each |
| Unpaid fees associated with the property | Charged to cover the administration of dealing with any unpaid charges e.g. unpaid service charge. | £65 |
At the end of your mortgage
| Name of charge | What this charge is for | How much will Riverton charge? |
| Early redemption charge | You may be charged this when repaying some or all of your lifetime mortgage. | Please refer to your Lifetime Mortgage Offer for details. |
| Redemption administration fee | This covers our administration costs when your lifetime mortgage is repaid in full. | £0 |
Valuation fees
This valuation fee depends on the estimated value of your property or the purchase price of the property and is payable in the scenarios detailed in the sections above.
| Estimated value or purchase price | Valuation fee including VAT | Estimated value or purchase price | Valuation fee including VAT |
| £0 - £100,000 | £165 | £600,001 - £650,000 | £485 |
| £100,001 - £150,000 | £185 | £650,001 - £700,000 | £500 |
| £150,001 - £200,000 | £210 | £700,001 - £750,000 | £525 |
| £200,001 - £250,000 | £238 | £750,001 - £800,000 | £550 |
| £250,001 - £300,000 | £265 | £800,001 - £850,000 | £575 |
| £300,001 - £350,000 | £288 | £850,001 - £900,000 | £600 |
| £350,001 - £400,000 | £315 | £900,001 - £950,000 | £650 |
| £400,001 - £450,000 | £345 | £950,001 - £1,000,000 | £700 |
| £450,001 - £500,000 | £370 | £1,000,001 - £2,000,000 | £1,365 |
| £500,001 - £550,000 | £415 | £2,000,001 - £3,000,000 | £3,500 |
| £550,001 - £600,000 | £440 | >£3,000,000 | POA |