We offer free and independent advice to all borrowers - whatever your situation.
Deposit
There are 100% mortgages available but in order to achieve more competitive rates you will need at least 5% of the purchase price.
Stamp Duty
This is a government tax based on the purchase price of the property when purchasing.
Fee structure is as follows:-
£0 - £125,000 - exempt
£125,001 - £250,000 - 1%
£250,001 - £500,000 - 3%
£500,001 + - 4%
(there are some designated disadvantaged areas that are designated as stamp duty exempt)
Transfers of equity - stamp duty is payable in the following cases.
If the transfer is subject to an existing mortgage duty is charged on half the mortgage at the current rates.
Solicitor costs
Can vary from £350 - £800 plus disbursements
Disbursements Costs – these vary and will be advised to you. They include, for example, Land Registry charges and local Authority search fees.
Estate Agency Fees
These fees are paid by the seller only. Historically estate agents fees range from 1% of sale price for sole agency to 2.5% for duel agency. However, more recently some agents offer a quoted figure which can be lower. With the advent of web based agents these fees can be vastly reduced.
The other option is not to use an agent and sell the property yourself!
Lenders fees
These can be referred to as lenders fees, administration fees or booking fees.
For standard mortgages they can range from £150 to £5000 and above.
For adverse or buy to let they can range from £300 to 2.5+% of mortgage borrowing.
Valuations and surveys
All lenders require a valuation to be carried out and this can range upwards from £200 usually dependent on the property value.
A homebuyers survey can add another £200 -£400
A full structural survey will cost more than a homebuyers survey and normally is negotiated with the valuer direct.
High lending fee
This is a one off fee that is charged by the lender usually if lending more than 90% loan to value. It is essentially an insurance premium which protects the lender should they start legal procedures against you for non-payment. The costs vary and will be discussed in the mortgage interview.
