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are you buying & selling Remortgaging
   

Buying & Selling Costs

Estate Agency Fee – Fee charged by the agent to market and sell your property - typically 1% to 3% of selling price - but can be cheaper if you shop around, or market property privately.

Stamp Duty – Tax payable to the government only when you buy a home.  The buyer pays this tax, and normally paid through the solicitor prior to completion.  This fee is applicable to all next time buyers and is charged at 1% for properties between £125,000 and £250,000, 3% for properties between £250,001 and £350,000, 4% for properties over £500,000.  First time buyers are currently exempt purchasing a home up to £250,000.

Legal Fees – Paid to your solicitor for completing the conveyancing process and ensuring the change of property ownership into your name.  This can vary between firms, but budget for £400 minimum and add approximately £200 if a leasehold purchase.  Most solicitors charge more as your property price increases.

Mortgage Broker Fee – Some brokers can charge you a fee for providing advice and this can be a flat fee – normally £250 upwards - or a percentage of the loan you take so there is no actual limit to the cost. 

Mortgage Booking/Arrangement Fee – Lenders charge this fee to either reserve a product, cover admin costs, or it can be linked to special introductory deals where rates are lower. These fees can be either a flat fee - £500 to £1,000 is typical - or a percentage of the loan amount taken.  Lenders in most cases allow these fees to be added to the loan on completion, rather than making you paying upfront.

Mortgage Valuation Fee – Fee payable upfront when you complete your mortgage application, so the lender can send a surveyor to assess whether your property is suitable to lend against - typically £200 to £500 minimum - but depends on property value ultimately.

Re-inspection Fee – Lenders may need to re-inspect your property after the original valuation has been carried out, often to ensure repairs have been carried out fully - typically £50 to £100 minimum – but depends on property value ultimately.

Homebuyer’s Survey – Can be paid alongside the mortgage valuation fee so both reports are carried out at the same time by the surveyor, and this can save money.  Provides a more detailed report on property condition - typically £300 to £500 in addition to the mortgage valuation report - but depends on property value ultimately.

Full Building Survey – Can be carried out instead of homebuyers report and recommended for older or unusual property types.  Costs can vary between firms and the size of the property, so always best to get a few quotes.

Mortgage Account Fee – This is a one off fee at the start of the mortgage so the lender can cover typical set-up, maintenance and closing down costs - typically £100 to £300 in total.  Lenders in most cases allow these fees to be added to the loan on completion, rather than expecting upfront payment.

Higher Lending Charge – Also sometimes known as Mortgage Indemnity Guarantees (MIGs).  If borrowing with a smaller deposit then certain lenders may ask you to pay for an insurance product that protects them - should your home be re-possessed - and the property sold at a loss.  This fee can vary between lenders and what size deposit you are actually putting down.

Own Buildings Cover Fee – Fee charged by the lender to check you have adequate buildings cover, if not selected through them - typically £25 to £50. Can be a one of fee charged at completion, an annual cost, or every time you change your insurance provider.

Telegraphic Transfer Fee – Fee charged by the lender for same day transfer of mortgage funds to your solicitor at completion - typically £30 to £50.

Early Repayment Charge – Fee charged if you pay off your mortgage early or above an allowable overpayment amount per annum.  This is normally only charged during a tie-in period on your selected mortgage scheme. Often calculated as a percentage of the loan amount paid off and can vary depending on loan amount outstanding.

Removal Costs – Costs will vary between firms for moving belongings to your new home and best to get some quotes.  You could save money by packing yourself, and hiring a suitable vehicle for transportation.

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Remortgaging Costs

Mortgage Broker Fee – Some brokers can charge you a fee for providing advice and this can be a flat fee – normally £250 upwards - or a percentage of the loan you take so there is no actual limit to the cost. 

Mortgage Booking/Arrangement Fee – Lenders charge this fee to either reserve a product, cover admin costs, or it can be linked to special introductory deals where rates are lower. These fees can be either a flat fee - £500 to £1,000 is typical - or a percentage of the loan amount taken.  Lenders in most cases allow these fees to be added to the loan on completion, rather than making you paying upfront.

Legal Fees – Paid to your solicitor for completing the remortgage process and ensuring the change of lender.  Most mortgage lenders will pay these costs on your behalf for making the switch or contribute some money towards costs – typically £200 to £250 - should you choose to use your own solicitor.  Your own solicitors costs may vary depending on property value, and whether freehold or leasehold.

Mortgage Valuation Fee – Fee payable upfront when you complete your remortgage application, so the lender can send a surveyor to assess whether your property is suitable to lend against - typically £200 to £500 minimum - but depends on property value ultimately.  Most lenders will pay for this cost on your behalf for making the switch to them.

Mortgage Account Fee – This is a one off fee at the start of the mortgage so the lender can cover typical set-up, maintenance and closing down costs - typically £100 to £300 in total.  Lenders in most cases allow these fees to be added to the loan on completion, rather than expecting upfront payment.

Higher Lending Charge – Also sometimes known as Mortgage Indemnity Guarantees (MIGs).  If borrowing with a smaller deposit then certain lenders may ask you to pay for an insurance product that protects them - should your home be re-possessed - and the property sold at a loss.  This fee can vary between lenders and what size deposit you are actually putting down.

Own Buildings Cover Fee – Fee charged by the lender to check you have adequate buildings cover, if not selected through them - typically £25 to £50. Can be a one of fee charged at completion, an annual cost, or every time you change your insurance provider.

Telegraphic Transfer Fee – Fee charged by the lender for same day transfer of mortgage funds to your solicitor at completion - typically £30 to £50.

Early repayment Charge – Fee charged if you pay off your mortgage early or above an allowable overpayment amount per annum.  This is normally only charged during a tie-in period on your selected mortgage scheme. Often calculated as a percentage of the loan amount paid off and can vary depending on loan amount outstanding.  Most people will only consider remortgaging once early repayment charges have expired, therefore making the switch cost effective.

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Some of the above services may not be regulated by the Financial Conduct Authority

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Thinkofmortgages.com is a trading style for Thinkofmortgages Ltd, which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Think of Mortgages Ltd acts as a credit broker not a lender.
Registered in England & Wales Company 6593593

* We normally do not charge a fee for mortgage advice, however a fee paying option is available. Our typical fee would be £399

 

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