Costs for a Mortgage
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Associated Costs
There are four main associated costs for your mortgage when buying a property.
1. Broker Fees:
These can vary from £0 to £1,000 but they usually sit somewhere in the middle. When choosing a Mortgage Broker it is useful to visit a review site to check out their past client reviews. An efficient, trusted broker, who works hard for you will be a good investment.
2. Lender Fee:
These can also vary from £0 to around £1,000. Lenders may charge a fee for:
- A Product Fee
- A Lender Administration fee
- A Valuation Fee
- A funds transfer fee.
3. Solicitors fee:
The final fee is the Solicitors fee for their work. This is also known as the ‘legal conveyancing cost’.
Your broker will be able to suggest two or three good local solicitors for you to choose from. Although Solicitors fees can vary considerably, around £1,000 is a good ball point figure for what to expect to pay for the conveyancing work.
That is a lot of fees! They certainly all add up, so it makes sense to discuss them with your Mortgage Broker at an early stage so that you can adjust your budget accordingly.
Your broker will factor the associated costs into their research when recommending the most suitable deal for you.
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