Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

CREDIT REPORT SERVICES AND ONLINE EXPERT HELP ARE FULLY OPERATIONAL - PHONE LINES ARE CLOSEDCOVID-19 STATUS

ONLINE SERVICES FULLY OPERATIONAL
PHONE LINES ARE CLOSEDCOVID-19 STATUS

Higher Lending Fee

What is a Higher Lending Fee?

A Higher Lending Fee is an extra charge made by lenders on loans that are more than 90% of the value of a property. The lender will require additional Security on the amount in excess of this threshold in the form of an insurance policy (a higher percentage lending fee) and often Mortgage Indemnity Insurance is required to be taken out as well. This can also be applied in cases where a borrower does not have the necessary deposit.

The lender will arrange the insurance and the premium will be paid by you, in some cases it can be added to the loan.

The policy is used to protect the lender only and is used to cover the lender in the situation, where the property is repossessed and the loan plus any unpaid interest exceeds the sale value of the property. You will then owe the insurance company any payment claimed by the lender.


Q: How is the cost of a higher lending charge calculated?

A: The charge is usually a percentage of your property value- as the fees are usually ‘triggered’ after a certain Loan To Value, the amount may vary depending on how much beyond that amount you want to borrow.

Jargon Buster

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