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Additional charges

You may incur additional charges such as arrangement fees or completion fees related to your chosen mortgage product. These will be shown in the mortgage illustration provided. If you are using a mortgage broker, they may also have fees that you will have to pay.

Annual percentage rate charge (APRC)

The overall cost of a mortgage, including the interest and product, legal and valuation fees.

Arrears and payment difficulties

You are in arrears if you have missed one or more mortgage payments and you should contact us as soon as possible if you are struggling to make your payments. We will always do our best to help you. Arrears policy

Bank base rate

This is the central rate of interest set by the Bank of England. We take it into consideration when deciding our mortgage interest rates but they don’t necessarily reflect the base rate exactly.

Base rate tracker mortgages (not currently available)

Where the interest rate goes up and down in line with the Bank of England Base Rate. The rate you pay may be a specific rate above or below the base rate and you may start off on a lower rate, but this could potentially rise in the future.

Broker

An advisor who can help you arrange a mortgage by reviewing the whole, or part of, the market. We have good relationships with mortgage brokers across the country. You should bear in mind that you may be required to pay them a fee for their services, and they also receive commission to us for referring you to us.

Buildings insurance

Insurance that covers you for damage to the structure of your home. We require you to have this in place at all times while you have a mortgage with us. You are free to shop around to find your own policy.

Completion fee

This is often associated with the product you have chosen or been recommended. We will allow you to add this to your loan, but you should bear in mind that, if you do so, you will pay interest on it for the whole mortgage term if you do not pay it.

Conveyancing

The legal process for buying or selling a property, via a solicitor or licensed conveyancer.

Criteria restrictions

Please be aware that we don’t offer foreign currency mortgages . We only lend on residential properties in England and Wales and we offer a minimum mortgage term of five years, up to a maximum of 40 years.

Decision in Principle (DIP)

We will issue you with this document when we have reviewed your case and decided that we can lend to you. It will outline how much you can borrow and you can use it to prove to a seller that you can afford to buy their property.

Deposit

This is the amount you agree to put down towards the cost of your property. Our minimum deposit requirement is five per cent.

Discounted-rate mortgage

Most of our products fall into this category, and it means we charge you a specified amount off our standard variable rate (SVR).

Early repayment charges (ERCs)

These are penalty fees you have to pay if you want to leave your mortgage during the period of your initial deal.

Fixed-rate mortgage

With these, the mortgage interest rate stays the same for a specified period , meaning you have certainty around what you will be paying each month. We offer Fixed-rate mortgages from time to time. View our mortgage range.

Freehold

This is where you own the building and the land it stands on.

Gazumping

This is when an offer has been accepted on a property but a different buyer then makes a higher offer, which the seller accepts.

Guarantor

Someone who agrees to stand behind your mortgage and meet the monthly repayments if you can’t, such as a parent or guardian. This is most common with first-time buyers, but can also be helpful to older people whose younger family members want to help them purchase a suitable home in later life. See our family-assist mortgages.

Insurances

There are no compulsory insurances you have to take out through Beverley Building Society, however you must have buildings insurance in place prior to completion of the mortgage and maintain it throughout the term of your mortgage

Interest-only mortgage

You only pay the interest on your mortgage each month, not the capital loan itself. We offer interest-only options on most of our mortgage products. To qualify, we will ask you to demonstrate that you will be able to pay off your mortgage at the end of the term in other ways, for example using other forms of savings or investments, or downsizing. See our mortgage range

Intermediary

An advisor who can help you arrange a mortgage by reviewing the whole, or part of, the market. We have good relationships with mortgage brokers across the country. You should bear in mind that you may be required to pay them a fee for their services, and they also receive commission to us for referring you to us.

Joint mortgage

A mortgage taken out by two or more people. This might apply to partners, friends, parents who want to help their children buy a property or even vice versa.

Land Registry

The official organisation that holds details of property ownership in the United Kingdom

Leasehold

Where you own the building but not the land it stands on, and only for a certain period (anything up to 999 years). We may consider a variety of types of leasehold.

Monthly repayment

The amount you pay us every month. If you're on a repayment mortgage, your monthly amount will be an element of capital plus interest and calculated in such a way that the loan will be repaid in full at the end of the mortgage term.

Mortgage deed

A formal contract document signed by you and witnessed, accepting the terms of the mortgage offered and used to register the Society’s charge on your property.

Mortgage payment protection insurance (MPPI)

Insurance that covers your mortgage if you are unable to work due to accident, sickness or unemployment. It is also known as ASU (Accident, Sickness and Unemployment) insurance.

Mortgage term

The amount of time you are taking the mortgage out for – 25 years, for example.

Negative equity

When the value of your home is less than the amount remaining on your mortgage.

Offset mortgage

This links your mortgage with your savings so that you only pay interest on the difference, while also paying off the capital.

Payment difficulties

If you are experiencing payment difficulties, it’s best to get in touch with us as soon as possible and we will do our best to help you. For more information click here

Rebuild cost

The cost of rebuilding your home if it is destroyed, used for insurance purposes

Remortgage

When you raise money on your house which has no mortgage, or transfer your current mortgage from one lender to another to save money and get a better mortgage rate. Discover our remortgage range

Repaying your mortgage – your options

We offer mortgages on a capital and interest (repayment) basis, an interest-only basis and a combination of both repayment and interest-only. If you choose interest-only, you must ensure the capital is repaid at the end of your loan and we advise that you regularly check the performance of any investment that is to be used to repay your mortgage in the future. See also interest-only mortgage and capital and interest mortgage

Repayment mortgage

You pay off the mortgage interest and part of the capital of your loan each month. Unless you miss any repayments, you will pay off your mortgage by the end of the term. Discover more about our mortgage range

Repayment vehicle

We require evidence of this if you take out an interest-only mortgage. It means you must show how you plan to pay off your mortgage at the end of the term - for example, another property, a stocks and shares portfolio or by downsizing.

Retirement Interest Only (RIO)

Available to people over the age of 55 (subject to status), this kind of mortgage can enable you to remortgage your home and potentially release equity in your retirement, and remain in your property for the rest of your life, with affordable monthly payments. Read more about our RIO mortgages and who they apply to.

Right to Buy scheme

Originally intended to enable tenants of council houses to buy the homes they lived in, this is now being opened up to housing association tenants too. We will consider Right to Buy purchases, subject to circumstances and located in the East Riding of Yorkshire.

Service charge

The fee you pay to a managing agent for the ongoing maintenance of a leasehold property.

Shared ownership

You buy a share of a property (usually between 25 per cent and 75 per cent) and pay rent on the remaining share, which is owned by the local housing association.

Stamp duty

Stamp duty land tax (SDLT) is payable when you buy a property for more than a certain amount or it is a second home. Please refer to HMRC for the current scales relating to this charge.

Standard variable rate (SVR)

This is the default mortgage rate determined by the Society, which is applicable after your initial mortgage deal period ends. This could be higher or lower than your original rate and can go up as well as down over the period of the loan. You need to ensure your monthly budget allows for variation in your mortgage payment. This type of mortgage has no link to the Bank of England Base Rate, although we do take prevailing rate trends into account when reviewing our SVR.

Valuation

All mortgage approvals are subject to the property having a mortgage valuation carried out on behalf of the Society. Depending on the mortgage product on offer at the time of application, a fee may be payable for this.

Variable rate mortgage

The interest rate on your mortgage can go up or down.

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