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Mortgages - Associated Costs

Deposit: Although some lenders used to offer mortgages up to the full purchase price of a property, it is usual of the borrower to contribute some of the amount. The size of the deposit will affect the amount you need and are able to borrow as well as the cost of your loan. So the larger the deposit in relation to the loan, the better the rate available.

Solicitor Fees: Charges for 'conveyancing' will depend on a number of things including the value of the property. It is advisable to get a quote from a number of solicitors for this service. The following costs are usually also payable via your solicitor:

(i)   Variety of Searches including: HM Land Registry Search, Local Authority Search, Bankruptcy, Drainage and Water Search, Environmental and Chancery Search.

(ii)  Land Registry: You must pay a fee to register yourself as the new owner with the central record of land ownership.

iii) Stamp Duty Land Tax*: This one-off tax payment is based on the purchase price of your home:

*Correct as at 01.06.2017

Purchase price of property
Rate of Stamp Duty
Buy to Let/ Additional Home Rate*
£0 - £125,000
£0 - £125,000
£0 - £125,000
£0 - £125,000

Valuation and Surveys: For their own benefit lenders will want to check the condition and marketability of your chosen home. They will use a qualified surveyor to make this assessment and provide a current valuation. This type of survey is called a 'Valuation report'. The fee is usually based on your home's value. For an additional cost you can get a more detailed 'Homebuyers report' or for much older properties or those with defects a full Structural Survey may more appropriate.

Lenders Fees: Depending on the lender and the product, additional fees may be payable. Our advisors will stipulate whether or not these are included in the mortgage application:

- Lenders Arrangement or Completion Fee
- Lenders Legal Fees
- Lenders Valuation Fees
- High Lending Fee

Mortgage Broker Fees: At Competitive Mortgages  charge a minimum fee for our mortgage advice of £500. However, this is only payable where we are not remunerated to this level by the lender we recommend.

Building & Contents Insurance: The insurance of the property against fire and other risks will normally be a condition of the mortgage loan. You may also wish to insure your contents.

Personal Insurance: To ensure that in the event of death, illness, accident or unemployment you, your family and home are protected.


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