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Independent Mortgage Brokers & Lowcost Mortgages

Mortgage Costs

We charge no upfront fees, although on production of your mortgage offer we may charge a fee which is negotiated with you at the outset. This fee will never be more than 2% of the mortgage and the amount will be clerly shown on the illustrations which we provide. Our typical fee is £499 and is usually payable when we receive your mortgage offer. The precise amount will depend on your circumstances and the complexity of the mortgage proposition. If you choose to proceed with our recommendation and the mortgage goes ahead, we will also be paid commission from the lender for arranging the mortgage on your behalf.

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.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.