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When you are looking for a mortgage there are many factors you need to consider. One important area is the fees involved with your application. These often make up a substantial amount of your expenditure so it’s important to know what you are getting for your money.
Valuation Fees
When applying for a mortgage you will normally be required to pay for a valuation of the property to be carried out on behalf of the lender. If the mortgage lender arranges the valuation for you an administration fee will usually be added to the cost.
This valuation is not a detailed inspection and for your own peace of mind you may want to opt for a Housebuyers Report or a Structural Survey. These are conducted for you, the applicant, and provide far more details; they are of course more expensive.
Booking and Arrangement Fees
A booking fee is normally paid when you make your mortgage application. If a mortgage offer has limited funds available a booking fee is payable in order to reserve the finance with the lender. In most cases your booking fee is non-refundable and you will forfeit this money should your mortgage application be cancelled.
You will normally be faced with an arrangement fee upon the completion of your mortgage application to cover the lenders administration expenses. Many lenders allow you to add this fee to your mortgage to avoid the immediate expense.
Legal Fees
Any mortgage application will require a solicitor or conveyancer to be involved (and paid). These legal fees cover the costs of a legal representative acting on your behalf during your mortgage application.
In return for your legal fees your solicitor or conveyancer will be responsible for arranging transfer of title deeds, registering your property with the Land Registry and conducting surveys to ascertain the state of the property.
You will generally find legal fees are more excessive when purchasing a house than for a remortgage due to level of involvement required.
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