Valuation Fee

Most lenders charge for checking whether or not the property is adequate security against the mortgage, this fee will need to be paid on application, although an increasing number of providers are doing this for free or refunding the cost after completion.

Arrangement Fee

Normally charged by the lender when selecting a specific rate other than the standard variable rate e.g. a fixed rate mortgage. Similarly, an arrangement fee for our service will be charged, which can either be paid up front or added to the loan.

Higher Lending Charge

This is a one off insurance premium that many lenders charge once the loan value exceeds 90%, although a small number charge it once the loan exceeds 75%. If charged it may be added to the loan.

Stamp Duty

This is a government tax applied once the purchase price exceeds £125,001, charged at 1% up to £250,000. For purchase prices in excess of that amount, a rate of 3% applies up to £500,000 and 4% over that amount. This will be payable to the solicitor at completion.

Solicitors

A solicitor will carry out all the legal contract work on your behalf including completing local searches; typical cost of this would be £700 approximately but this should be agreed with a solicitor prior to commencement.