Mortgages for Charities.

On the Bank’s variable rate products this is possible although if you transfer the mortgage to another lender, an early repayment charge equivalent to up to 3 months’ interest may apply for a period of up to 5 years (depending on the product).

For the Bank’s fixed rate product there are restrictions to the amount of overpayment or lump sum payments possible each year without charge and details of these restrictions can be found on our interest rate sheets.

It is free to make an enquiry and an initial outline application. When you make a full application, we will ask you to pay a non-refundable part of the mortgage arrangement fee (this part is referred to as the mortgage application fee). The remainder of the Mortgage Arrangement fee is payable only when you accept a formal offer of mortgage from the Bank. The total cost of taking a mortgage from Kingdom Bank consists of a property valuation fee, Solicitors fees and the Bank’s mortgage arrangement fee.

Please see our mortgage interest rates sheet for more details of these fees.

From time to time we are able to offer fixed rates. All of our interest rates are quoted on our ’current rates’.

Kingdom Bank can currently only consider mortgage secured on properties in England and Wales.

This depends on two factors:-

1. How much your organisation can afford – you will need to provide an explanation and evidence of how you can meet the repayments.
2. The value of the property – based on the valuation figure, you can calculate the maximum mortgage available to you by using the table on our How to Apply page.

To make a preliminary enquiry please call us on 0115 921 7280.

‍To properly assess whether the Bank can help, we will normally need to look at:

• Last 3 years annual accounts for your Church/Charity
• Income and Expenditure figures for Church/Charity’s current financial year (if it is more than 6 months since your last financial year end)
• Details of the property you wish to purchase and/or renovate
• Your plans for how the Church/Charity will be able to afford the mortgage repayments

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.

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.

Yes, you can also use our services if you plan to extend or develop an existing property.

Yes, we can also arrange stage payments to finance construction costs based on a forecast valuation of the property. For large projects, Kingdom Bank has a more detailed process and we are here to guide you through it.

Initially, please get in touch. Every member of staff is trained to assist you, and we aim to resolve any issues that might arise as quickly as possible. In the unlikely event that you are still dissatisfied, please see our leaflet ‘Your Guide to Customer Complaints’ which provides details of how to pursue your complaint. We are members of the Financial Ombudsman Service.

For details of the rates that we currently offer, please see our current rates, or call us on 0115 921 7280.

We calculate interest annually on 1st January each year.

The Bank will appoint its own Solicitor to oversee the transaction and you will be responsible for meeting the Banks 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.

When the organisation is led by one or more key people we will ask that assurance is taken over the life of the leader(s) sufficient to repay the mortgage. This means 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.