We offer a range of mortgages which have no product fee.
Mortgages with product fees usually carry a lower rate of interest during the initial product term. Product fees can often be added to your mortgage but that means that you pay interest on the product fee unless it is repaid within 14 days of completing on your mortgage.
A valuation fee is normally charged as part of the mortgage process. It makes sure that the property is worth the amount of money you’re borrowing.
Surveying firms in the UK are governed by The Royal Institution of Chartered Surveyors, or RICS. There are a number of RICS surveys, and costs vary depending on which type you want. The RICS HomeBuyer Report is cheaper than the more detailed RICS Building Survey, for example. Talk to a licensed surveyor to figure out what type of survey would be best for the property you are looking at buying, and remember that paying a little extra on a survey before you buy could save cost on potential unpleasant surprises once you have moved in.
The administrative legal work around transferring ownership of a property from one person to another is known as conveyancing. You will need a solicitor or a licensed conveyancing firm to help with this. Always get a quote upfront.
Solicitors or licensed conveyancers also carry out searches on the property, to check, for example, whether there are plans to develop new roads nearby. These will normally be covered in the conveyancing costs, but it’s best to check exactly what the fee includes.
If you are buying a property, you have to pay Stamp Duty Land Tax (SDLT) to HM Revenue and Customs on any property purchase over £125,000, as shown in the table below.
|Purchase price||Rate of SDLT payable|
SDLT is charged at the rates shown above, based on the amount of the purchase price that falls in each rate band. Click here for more information on stamp duty.
Correct at 11 April 2016.
Please note, this differs if you’re buying in Scotland where instead there is a Land and Buildings Transaction Tax.
Don’t forget you may want to employ a removal firm to help you move into your new home – costs can vary so get a few quotes so you can compare prices. It’s really important to get the right removal service for the right cost. A few points to check are: does the price include packing? Does it include insurance? What is the capacity of the van provided? Is access suitable?
The account fee is charged by us for providing and administering your mortgage. It is payable on completion, however you can defer this fee until the end of your mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
All applications are subject to status and our leading criteria. This means that the ammount we will lend you will not depend on your individual circumstances, the type of property and the ammount you borrow. For example, we nay require a higher deposit if you are buying a flat or a new built property.