Terms and Conditions

Please read the following conditions which apply to your application for a mortgage. These conditions, and the exclusions of responsibility and liability in them, are given by Norwich and Peterborough Building Society (hereafter referred to as either the Society or as we) both on its behalf and on behalf of its employees and valuer(s).

About the mortgage valuation report

Why we carry out the report

The Society is required to obtain a mortgage valuation report to help it decide what loan, if any, to make secured on the property.

Who will carry it out

The Society usually instructs one of its approved panel valuers to carry out the report. This may be a valuer employed by Hockleys Professional Ltd, a subsidiary company of the Society.

What it will show

The mortgage valuer will only make a limited visual inspection of the property and will not carry out a building survey. There may well be defects, including serious structural defects, that are either not noticed or not referred to you.

Arranging your own comprehensive survey

We strongly recommend that, to protect your own interests, you arrange an independent comprehensive survey of the property. If you do not arrange a comprehensive survey, you purchase the property at your own risk. If in doubt, you should seek professional advice.

Limitations of liability

The Valuation Report for Mortgage Purposes on the property is not a structural survey and must not be treated or relied upon as such. The valuation given is for mortgage purposes only and may not represent either the open market value of the property or its particular value to you. Where the valuer is not one of our employees, we do not accept any responsibility for the valuation or report or make any representation that it is correct in any respect. Where the valuer is our employee, no responsibility is implied or accepted by us or our employees to you or anyone else for:

Any loss, however great, suffered as a result of relying on our willingness to lend;
Any defects or condition, any diminution of value or any loss, however great, which a limited visual inspection of the type mentioned above could not reasonably be expected to have disclosed or anticipated if it had been carried out by a person exercising the degree of skill and competence normally employed in such a limited, non-structural, visual inspection;
Any other loss, however great and for whatever reason, suffered as a result of relying
Liability is not excluded or limited in respect of personal injury or death resulting from any act or omission on our part or on the part of our employees.

This notice is given by us, both on our own behalf and on behalf of our employees. We do not authorise our employees or agents or valuer(s) to make statements in any way qualifying or accepting liability for the report or with regard to any proposals you may have for the property. Any retention figure set out in the mortgage offer is for our purposes only. It does not indicate the actual cost of remedying any items of disrepair referred to.

Transfer of mortgage

The Society may transfer the mortgage for which you are applying and any assignment or other ancillary deeds or documents to another body which may not necessarily be a building society or an associated body of a building society. If you are a borrowing member of the Society then following such transfer you will in respect of your transferred mortgage cease to be a borrowing member and will no longer have the rights and obligations of such member. By completing the mortgage for which you are applying, you are giving your general consent to such transfer. Any transfer under a general consent will provide that the Society shall, for a period of not less than one year (subject to satisfactory performance by the Society), conduct arrears cases as the agent of the transferee whose policy on the handling of arrears and in the setting of mortgage interest rates will during such period be the same as that of the Society.

Where information will be sent

On completion of the mortgage, we will update our records with your new address. Information concerning the advance and conduct of the mortgage account will be sent only to the address of the first named account holder.