Breakdown of the costs involved with taking out a mortgage or purchasing a home:
Application/ Agreement Fees
Most mortgage lenders will charge you an application or arrangement fee. These will be on average £999 but can be added to the loan if required.
As well as paying a solicitor or licensed conveyancer for the work he or she does, you’ll have to pay the cost of land registry charges and local search fees. If your lender has their own solicitor acting for them, you may have to pay their fees as well.
Stamp Duty Holiday
Stamp duty tax is payable if you buy land or property over a certain value, with the amount you pay depending on factors such as:
- The value of the property
- If the property is your main residence
To calculate the value you are likely to be paying - visit the following websites
- England, Wales and Northern Ireland - https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
- Scotland - https://www.stampdutycalculator.org.uk/stamp-duty-scotland.htm
You may need to pay for a valuation or survey. The amount you pay will depend on the type of valuation or survey you choose.
Mortgage Advice Fees
Some advisers may charge a fee for advice given, however any fees will be explained and followed up with written confirmation. Fees may chnage even if your mortgage does not go ahead.
We can help you!
Your home may be repossessed if you do not keep up repayments on your mortgage
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.