All about the mortgage fees


All about the mortgage fees

Whether you are purchasing your first property, remortgaging your home or purchasing a buy to let property there will be some fees that will apply

The main types of fees are:

Product Fees

These are often known as booking fee or arrangement fee and can start from £0 to £1999. Typical product fee is between £999 to £1500. Often these fees can be added to your mortgage if this is your preference.

Valuation Fees

This fee is payable to lenders valuer for the assessment of your property for a) to ensure it’s worth the money and b) to ensure property is a suitable security. Depending on the type of your transaction, some lenders will offer this service free of charge. Fee can vary depending on the value of the property

Legal Fees

Like you, lender will be charged fees by your solicitor for handling the legal work. Most lenders will expect you to pay for those fees. How much this fee is, is set by your solicitor and will be included in their quotation.

Early Repayment Charge

This fee applies when you want to redeem or repay your mortgage during the fixed or discounted period of your mortgage deal. It is usually calculated as a percentage of your outstanding mortgage. Some lenders will charge you a fixed percentage for the duration of your mortgage deal and some will reduce their percentage charge after each year in your mortgage deal

For additional Fees, you can read the full article published in Your Money 

Image credit: rawpixel on Unsplash

By Clicking the above link(s), you will be departing from the regulated site of The Mortgage Choice. Neither The Mortgage Choice nor Stonebridge Mortgage Solutions Ltd are responsible for the accuracy of the information contained within the linked site
Recent Posts