FAQs

FAQs

Savings for Churches & Charities

If you would like to get in touch to discuss how Kingdom Bank might be able to help you, please do contact us.

Alternatively, here are some frequently asked questions which may provide the answers you need.

FAQs

Yes, Kingdom Bank is a member of the scheme. If you would like further information about how this provides you with security when banking with us, this can be found at www.fscs.org.uk.

Yes, simply visit our ‘useful documents’ page. There you will find the applicable form(s) for the product, or you can call us on 0115 921 7260.

Internet banking is currently only available for personal customers, and not church and charity customers.

At present we do not offer current accounts. However, the possibility of offering a church current account is something we are exploring, as it would clearly fall under the Bank’s mission to serve UK churches with financial services.

Yes, we have put some of the most requested forms on the website for you to download. Simply visit our ‘useful documents’ page. If you require any help with locating or completing the form you need, please do get in touch.

We make every effort to provide an excellent service to our customers. Occasionally, however, things go wrong and we will make every effort to put them right. Please visit the complaints area of our website for information on how to pursue a complaint.

FAQs

Savings for Individuals

If you would like to get in touch to discuss how Kingdom Bank might be able to help you, please do contact us.

Alternatively, here are some frequently asked questions which may provide the answers you need.

FAQs

Yes, Kingdom Bank is a member of the scheme. If you would like further information about how this provides you with security when banking with us, this can be found at www.fscs.org.uk.

Yes, simply visit our ‘useful documents’ page. There you will find the applicable form(s) for the product, or you can call us on 0115 921 7260.

No. Although we anticipate that our products will be most attractive to Christians who share our vision to help churches grow, there is no requirement for a Kingdom Bank customer to be a Christian.

Internet banking is available for personal customers and enables individual savers to manage their accounts online. 

To register for personal internet banking click here and select the ‘Register’ button.

At present we do not offer current accounts. However, the possibility of offering a church current account is something we are exploring, as it would clearly fall under the Bank’s mission to serve UK churches with financial services.

Yes, we have put some of the most requested forms on the website for you to download. Simply visit our ‘useful documents’ page. If you require any help with locating or completing the form you need, please do get in touch.

We make every effort to provide an excellent service to our customers. Occasionally, however, things go wrong and we will make every effort to put them right. Please visit the complaints area of our website for information on how to pursue a complaint.

We are here to help every step of the way at this difficult time.

Initially, please send a copy of the death certificate to our office so that we can register this on the account.

If the account is in joint names, upon receipt of signed instruction from the sole survivor, we will convert the account to their sole name and send confirmation out in the post.

For accounts in the sole name of the deceased, please note the following:

  • Should the balance of the account be less than £5,000 Section 1 and 2 of our ‘Small Estates Indemnity Form’ should be completed by the Executor(s) or the person beneficially entitled to receive the funds. Please then send this to our office along with signed instructions on where you would like the funds to be sent.
  • Should the balance of the account be between £5,000 and £15,000 Section 1 and 3 of our ‘Small Estates Indemnity Form’ should be completed and sent to our office, along with signed instructions on where you would like the funds to be sent.
  • Should the balance of the account be over £15,000, please provide us with the Grant of Probate, along with signed instruction from the Executors to close the account. We will also need to know where the funds are to be sent.

Please contact us and we will be happy to help you.

Someone holding Power of Attorney has the same rights as an account holder to operate the account, whereas an individual who has third-party access is restricted to the following functions:

  • Access to transactions and balance on the account.
  • Can request for a statement to be sent to the account holder.
  • Can make a withdrawal on an account.

In order to register as an Attorney, please complete this form and send this to us, along with the Power of Attorney document.

In order to register to have third-party access, please complete this form and send this to us.

If you have any questions about this process, please don’t hesitate to get in touch.

From 6 April 2016, savers have been able to grow their money tax-free, thanks to the ‘personal allowance.’ The allowance depends on the individual’s income: basic rate taxpayers are able to earn up to £1,000 in savings interest tax-free, while higher rate taxpayers are able to earn £500 tax-free. Additional rate taxpayers do not have a Personal Savings Allowance.

Kingdom Bank pays all savings interest gross, so no tax is deducted.

This means that individuals who exceed their Personal Savings Allowance, or who do not have one, will owe tax on some, or all, of their savings interest.

For more information, please see the latest Government information at www.gov.uk/apply-tax-free-interest-on-savings, or contact HMRC at www.gov.uk/contact-hmrc or on 0300 200 3310.

FAQs

Mortgages for Churches & Charities

If you would like to get in touch to discuss how Kingdom Bank might be able to help your organisation, please do contact us.

Alternatively, here are some frequently asked questions which may provide the answers you need.

FAQs

We have a different approach from most lenders when it comes to lending to churches and charities.

Most lenders will require a deposit of 30% or 40% of the building’s value, whereas we use a sliding scale and require just 20% deposit on smaller properties, rising to 40% on more extensive buildings.

If your organisation owns other properties, these may be used as additional security so you may be able to borrow more of your project amount.‍ 

We would love to talk to you so that we can hear more about your aims and vision, and see what we can do to help.

You will need to be a registered charity and be able to provide us with your charity number.

We generally require the following:

  • Your returns with the Charity Commission need to be up-to-date.
  • You can confirm you have been operating for three years.
  • You are able to provide full financial accounts for the last three years.
  • Your income is stable or increasing.

If you are unable to meet these criteria but would still like to discuss an application, you can call us on 0115 921 7280.

Arrangement Fee

  • The total arrangement fee is 1%, payable on application and non-refundable.
  • For applications below £300,000 a fee of £300 is payable on application (non-refundable).
  • For applications above £300,000 a fee of £500 is payable on application (non-refundable).
  • The remainder of the arrangement fee is payable on acceptance of a mortgage offer.

Solicitor’s fees

Please contact us for details of fees related to the Bank’s legal work.

The Bank will require its own solicitor to act for the Bank in the setting up of the mortgage and the cost of this work is payable by the borrower.

Valuation Survey fees

Please contact us for an indication of the cost of an independent mortgage valuation survey. The Bank will require a mortgage valuation of the property from an independent surveyor on the Bank’s panel of surveyors. The cost of the valuation is payable by the borrower.

There is no penalty for lump sum repayments or regular overpayments from your own resources. An early repayment charge equal to 3 months’ interest is payable if the mortgage is transferred to another lender in the first 2 or 5 years (depending on the type of product you have with us).

Currently we don’t offer fixed interest rates on any church and charity lending.

No. We recognise that you are giving your time and skills voluntarily and, under normal circumstances, do not ask you to make any greater commitment than ensuring you act responsibly and use the organisation’s money and assets to repay the mortgage.

You will normally need to provide a deposit and we will guide you on the amounts required.

A term of up to 30 years is available but we realise that sometimes a shorter term is more appropriate.

We make every effort to provide an excellent service to our customers. Occasionally, however, things go wrong and we will make every effort to put them right. Please visit the complaints area of our website for information on how to pursue a complaint.

We calculate interest on a daily basis for all new repayment mortgages.

The Bank will appoint its own solicitor to oversee the transaction and you will be responsible for meeting the Bank’s solicitor’s fees. Using the same solicitor to also act on your behalf can often save on costs but you are free to choose your own solicitor if you prefer.

To ensure the property is suitable as security, we will arrange a valuation by an approved valuer. We will obtain quotations from our panel of valuers to give you an indication of the costs involved before any arrangements are made.

If the organisation is led by one or more key people we may ask that assurance is taken over the life of the leader(s) sufficient to repay the mortgage. This means that, in the event of a fatal accident or unexpected death of the leader, the organisation is able to clear the mortgage and take time to appoint a new leader without the fear of being unable to meet the mortgage repayments.

If you would like to discuss how Kingdom Bank might be able to help you, please do get in touch.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

FAQs

Mortgages for Individuals

If you would like to get in touch to discuss how Kingdom Bank might be able to help you, please do contact us.

Alternatively, here are some frequently asked questions which may provide the answers you need.

Early Repayment Charge – Standard/Discounted Variable Rates

An early repayment charge of three months’ interest is payable if you take out a mortgage with Kingdom Bank and transfer the mortgage to another lender within the first two or three years for the Standard and Discounted Variable rates respectively.

Mortgage Application Fees

An application fee of £300 is payable on application (non-refundable).

Solicitors’ Fees

Please contact us for details of fees for dealing with the Bank’s legal work. The Bank will require its own solicitor to act for the Bank in the setting up of the mortgage and the cost of this work is payable by the borrower.

Valuation Fees

Please contact us for an indication of the cost of an independent mortgage valuation. The Bank will require a mortgage valuation of the property from an independent surveyor on the Bank’s panel of surveyors and the cost of the valuation is payable by the borrower.

Our maximum Loan-to-Value is 80%. We will work with you to determine a LTV that is appropriate for your circumstances.

We can consider mortgages secured against some flats but there are circumstances when this may not be possible. Examples of these may be high-rise flats or those situated over shops, restaurants or offices. As flats are most often sold as leasehold the remaining term on the leasehold is also an important factor. Please contact us to discuss in more detail if you are considering purchasing a flat.

It is free to make an enquiry and to go through our Fact Find process (if applicable). When you submit a full application, we will ask you to pay the mortgage application fee. The total cost of taking a mortgage from Kingdom Bank consists of a mortgage application fee, property valuation fee, solicitor’s fees and the Bank’s fixed rate fee.

A term of up to 30 years is available but we realise that sometimes a shorter term is more appropriate.

We will require documents from you to verify your identity, income and expenditure. The exact documentation needed will vary depending on your particular circumstances. Please get in touch and we will be glad to discuss what’s needed.

We often arrange mortgages for missionaries living outside the UK and would be happy to discuss this with you.

We do, however, require your country of residence to be outside of the European Economic Area (EEA) due to European regulations. 

‘APRC’ stands for ‘Annual Percentage Rate of Charge’. Mortgage Lenders now have to include any mortgage related fees, redemption charges and valuation fees as part of the annual interest calculation when quoting an interest rate and this is referred to as the APRC.

We make every effort to provide an excellent service to our customers. Occasionally, however, things go wrong and we will make every effort to put them right. Please visit the complaints area of our website for information on how to pursue a complaint.

For more information on changing your mortgage rate, click here.

A Fact Find is a detailed questionnaire that looks at your circumstances and your personal preferences to enable a recommendation to be made for advised mortgages.

The Bank will appoint its own solicitor to oversee the transaction and you will be responsible for meeting the Bank’s solicitor’s fees. Using the same solicitor to also act on your behalf can often save on costs but you are free to choose your own solicitor if you prefer.

We need this report to ensure the property is suitable as security. Once the mortgage has been approved by the Bank’s Credit Committee, we will arrange a valuation by an approved valuer. We will obtain quotations from our panel of valuers to give you an indication of the costs involved before any arrangements are made.

If you would like to discuss how Kingdom Bank might be able to help you, please do get in touch.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

FAQs

Church & Charity Insurance

Our Insurance team is here to help, so please do get in touch!

Before you do, you might like to take a look at our Insurance FAQs to see whether they provide you with the information you’re looking for.

FAQs

If you have any volunteers or employees, you will need Public Liability and Employers Liability insurance.  We recommend Trustee Indemnity cover and, if you have a building or any belongings, you can insure those too. Depending on what you do, there are other covers which may be helpful – so please do contact us and we will be happy to talk through your requirements.

If there are changes to what you are doing, where you are doing it, how you are doing it and under what name, please let us know.  If there are changes to your resources (for example people, buildings and belongings) or how you use them, please let us know. 

You will need cover for both the new and existing entities – please let us know at the earliest opportunity so we can advise you accordingly.

Yes – you’ll need to be insured in your correct legal name. Please contact us to discuss as soon as you are aware of any changes.

Yes, foodbanks can be covered by the right insurance policy. Please do get in touch so we can advise you on the cover you need.

Property can be covered at your premises or away from it – however, this cover is not automatic. Please do get in touch so we can advise you on the cover you need.

The responsibilities of directors, officers and trustees are increasingly complex.  We strongly recommend Trustee/Directors and Officers Indemnity cover to protect your decision-makers in the event of allegations of breach of trust or wrongful acts.  Many people will not become trustees, directors or officers if cover is not in place.

Please do get in touch so we can advise you on the cover you need.