|
|
 |
|
What fees and charges should I expect?
- Valuation fee, budget £300-1000
A valuation fee, the amount depending on the property price, will be
charged by the proposed lender.
- Survey £50-300
It is worth commissioning your own survey. There are different
levels of detail you can specify from a simple, relatively inexpensive
basic report to full structural surveys and specialist reports,
which cover trees, electrical systems, damp, and other conditions.
You should consider commissioning a full structural survey - especially
if the property is old, unusual construction or could be in need
of repair.
- Booking or processing fee
When you apply for a mortgage, we will ask you to pay a processing
fee.
- Completion or arrangement fee, budget
£200-400
An arrangement fee is often charged once the mortgage is complete.
This is usually added to the loan.
- Broker's fee
These are typically in the range of £400 to £1000 depending on the
complexity of the required advice and mamagement of the mortgage
process.
- Mortgage Indemnity Guarantee
The lender's insurer can charge a Mortgage Indemnity Guarantee
(MIG) fee if the loan amount is over 75% of the property valuation.
A large number of lenders will pay this for you if the Loan-to-Value is less
than 90%. The fee can be added to the mortgage or paid separately.
- Legal fees, budget £500-£3000
When you purchase a property and apply for a mortgage, or if you
are remortgaging, you'll need a solicitor or licensed conveyancer
to carry out the legal work for you. You'll also need to budget
for necessary land registry and local authority searches, often
referred to as disbursements. Ask for a quotation beforehand.
- Stamp duty
This is a government tax on property costing more than £60,000.
This will vary depending on the value of the property.
1% of purchase price between £125,001 - £250,000
3% of purchase price between £250,001 - £500,000
4% of purchase price over £500,001
- Moving
Get three quotes and check the insurance and packing methods.
- Mortgage administration fee
Once your mortgage is active you may be charged an administration
fee if you require further services such as additional loans or
changes to your mortgage deeds.
- Buildings insurance
You should insure your home for at least the full rebuilding cost
against damage caused by major risks such as fire, flood and subsidence.
You could extend your level of cover to include full accidental
damage. The amount may not be the same as the market value of
the property.
- Contents insurance
This is designed to protect all the things in your home, which
are not fixtures or fittings. You can usually tailor contents
insurance cover to suit your own particular needs.
- Mortgage protection
If you become unemployed, or an accident or sickness prevents
you from working, this cover ensures that your mortgage payments
are covered. You can usually extend your cover to include other
regular expenses such as endowment premiums and utility bills.
If you're self employed, you won't be able to claim unless you've
actually stopped trading. And workers on short-term contracts
may not be able to claim until they have been in the same job
for a year with the contract renewed within this period
- Life cover
Most people arrange life assurance cover to pay off the outstanding
mortgage loan if they die. If your mortgage is backed by an endowment
policy, life cover is automatically included, but you can easily
add it to a pension backed mortgage or take out a separate policy
|
|
|
|
|
|
Special Features
-----------------------------------
Emergency Mortgages:
need a mortgage fast, call 0800 3898361
9am to 9pm.
-----------------------------------
|
|
