Mortgage Costs
When you are taking out a mortgage, whether it be your first, a remortgage, or a new mortgage, there will be costs that need to be properly and realistically taken into consideration before beginning the process.
This blog will outline the costs usually involved in the mortgaging of a property; however, this is generalised. Costs will vary from person to person, depending on individual circumstances, the route you take and what mortgage product you choose to apply for. Speaking to an adviser can be highly beneficial in order to map out your mortgage journey and see what costs you will face. Call us today on 0333 320 8658 to begin your mortgage plan!
Hopefully the following will give you an idea of what to expect:
• Broker Fees – if you go through a mortgage adviser, you will likely be charged a fee. This will vary depending on your individual case and the complexity of the products. Most brokers will not charge you in full if your mortgage cannot be carried out though will likely charge an initial fee for their help in the first place. Contact us at View Finance today to find out how much your broker fee could be!
• Arrangement and Booking Fees – if you decide to go straight through a lender you will face an arrangement fee for the mortgage product. It can vary between £0-£2,000 and can be added to your mortgage, however this will obviously increase your repayment amount. For some mortgage providers you will also be charged a booking fee. This is taken when you simply apply for the mortgage, if your provider has decided not to include it in your arrangement fee. This decision will depend on the size of the mortgage. It tends not to be refundable, even if your mortgage falls through.
• Valuation Fee – your mortgage lender will value your property to make sure that it is worth your requested borrowing amount. This fee can be waved by the lender on certain mortgage deals, though if not could cost between £150 - £1,500.
• Solicitor Fees – these will vary entirely depending on the case.
• Early Repayment Charges – if you already have a mortgage and wish to remortgage early or end the loan before it is due, you could face an early repayment charge. Again, it will vary from lender to lender on the amount you could pay. How long you have left in your mortgage term will also impact the amount. It will typically be 1% - 5% of the value of the early repayment (the value of how much you have left to pay off).
Don’t let the potential costs put you off! Remember that it will vary between lenders, and there are so many different schemes and routes out there now that will alter costs.
Speaking to a mortgage adviser is highly recommended, so take the leap today! Contact us on 0333 320 8658 or at info@viewfinance.co.uk and one of our experienced brokers will be more than happy to help find the right mortgage for you.
