02 Jun Mortgage costs
There are a number of mortgage costs to consider when setting up your mortgage. For example: Legal Fees and even Broker Fees, if payable.
MORTGAGE VALUATION FEES
Mortgage providers will assess the value of the property you want to buy to establish how much they are prepared to lend you.
The cost of a mortgage valuation varies. It’s based on the value of the property you’re looking to buy. As an example, the cost can range from as little as £150 up to in excess of £1,500.
Some lenders might not charge you for a mortgage valuation, offering this for free. A lot depends on what type of mortgage product you select.
The lender’s valuation is not like a surveyor’s full survey. It might not identify all the repairs or maintenance that could be needed.
We recommend that before you buy a property, it’s checked by a qualified surveyor. This will enable you to find out if there are any problems before you buy.
Survey costs range from a basic home buyers condition survey costing around £300 to a full structural survey from £750 or more depending on the property.
However, getting a good survey could save you money on repairs in the long run.
For nearly all property purchases you’ll need a solicitor or licensed conveyancer to carry out your legal work.
Legal fees can range in price. If you’re shopping around make sure you compare the same things, and don’t forget to include any VAT.
Your legal adviser will also do local searches, the cost of which varies. The conveyancing widget will provide estimated costs for local searches and other related items.
These might include:
A booking fee payable to your mortgage provider, normally paid at the point of your application. Arrangement fees can also be payable for your selected mortgage deal.
If you’re using a mortgage broker that charges a fee, don’t forget to take that in to account as well.