Explaining some of the fees associated with your mortgage
There may be some costs involved when setting up your mortgage and we have given an overview of the most common ones.
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Mortgage Application Fees |
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Fee |
Description |
Other Information |
Help with Fees |
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Booking Fee |
By choosing a product with a booking fee you will normally secure a lower monthly payment during the benefit period. |
Some booking fees are payable upfront and may not be refundable. Some products do not have a booking fee |
You can choose to add the booking fee to the loan on most of our mortgage products but it will attract interest in the same way as the main advance. Any fees added to the loan will attract interest. The fee can be repaid within 14 days of completion without incurring interest. |
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Standard Valuation or Survey Fee (Mandatory Survey Fee) |
This is for the cost of a valuation for mortgage purposes taking place on your house. |
This fee is based on the purchase price of the house. It will not report on any existing or potential defects. The valuation is used by |
Many of Look out for either our Homebuyer Solution or Remortgage Solution |
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Homebuyer's report (Optional Survey Fee) |
This level of survey is chosen at your discretion and provides a more in depth survey report. |
The survey report includes advice on significant defects and recommendations for repair. At the same time the Surveyor inspects the property and will also produce a Valuation for |
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Building survey (Optional Survey Fee) |
This is a more detailed report than the Homebuyer report and this level of survey is chosen at your discretion. |
Usually used for older properties or properties in poor condition where specific advice is required. The cost of the building survey will be paid directly to the surveyor. |
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Legal Fees |
Charged directly by your solicitor to cover the legal costs of buying/selling, along with any other work you require. |
Your solicitor will calculate this for you |
Remortgages If you are bringing your mortgage to Moving Home If you are moving home most of our products will pay £250 cashback on completion, which you could use towards your legal costs You only need to repay the cash back or paid legal fees if you redeem your mortgage within the first two years Look out for either our Homebuyer Solution or Remortgage Solution |
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Mortgage Account Fee |
Charged for providing, maintaining and closing the mortgage. |
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The fee is paid on completion of the mortgage with the option to be deferred until the end of the mortgage term |
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Other Fees to consider |
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Fee |
Description |
Other Information |
Help with Fees |
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Estate Agency Fees
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If you are selling your house you may use an estate agent. They will support you with advertising and viewings for the property |
Typically fees will be around 1%-2% of the value of the home depending on it's location |
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Stamp Duty |
Stamp duty is a tax charged by Her Majesty's Revenue and Customs on certain house and land purchases and some transfers of property.
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You can find out the different costs from the HRMC website
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If you are a first time buyer the threshold before you pay Stamp Duty is higher.
Also some areas of the country have different rates and thresholds.
Check the HRMC website for details |
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Removal Costs |
When you move home you may decide to pay someone to do the hard work for you
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Costs vary so make sure you arrange quotes from different providers |
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Some booking fees are payable up front and may not be refundable. On most products you can add the booking fee to the loan. Any fees added to the loan will attract interest.
We recommend you arrange a comprehensive survey of any property you are purchasing.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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