Mortgage Costs

At KT Partnership we do not normally charge fees however in certain circumstances a fee of up to 2% of the loan amount may be charged. We will also be paid commission from the lender. You should also consider the costs of the survey, stamp duty and legal fees.

 

There are three different survey’s available these are:

Valuation for mortgage purposes
Before a lender will offer you a mortgage they will require a suitably qualified valuer to inspect the property and submit a written report confirming that the property is a suitable security for the loan you have requested. This report does not necessarily give you any indication as to the condition of the property and in some cases you may not be permitted to see a copy as it is purely for the lenders purposes. If the property is new and building works are not completed, you may have to also pay for a second report to be obtained when the property has been finally completed.

 

Homebuyer’s report

This is more detailed than the basic valuation, but limited in focus and there is little comeback in the event of serious problems encountered later. This report could however, identify some defects giving you the opportunity to obtain more specialised reports and estimates. It is highly recommended that a homebuyers report be arranged in conjunction with the lender to prevent duplication of valuation costs.

Full structural survey
This is a thorough and complete inspection of the property carried out by a qualified professional surveyor. It can be expensive, but worthwhile given that your home is the most costly item you will probably ever purchase. It is highly recommended that this be undertaken in conjunction with the lender to prevent duplicate valuation costs.

STAMP DUTY – is the tax you pay when purchasing property. It is a percentage paid on the agreed purchase price.

LEGAL FEES – these can vary depending on the price or the type of the property. Solicitors will have their own fees and there will be disbursement costs. These will include local searches, bankruptcy searches and other search fees. You should obtain a quote in advance of the purchase.