Valuation Fee

This may include a non-refundable administration fee and must normally be enclosed with the application. The whole fee is non-refundable once the valuation has been carried out. The type of valuation you choose will depend on factors such as the age and condition of the property We will be happy to advise you of the most suitable type for your property.

Basic Mortgage Valuation

This is for the lenders own purposes confirming the property provides security for the loan. You may wish to consider one of the more detailed types of survey.

Homebuyers

This provides concise information in a standardised format on the state of repair and condition of the property. The report will include comments on the property's defects and the valuer's opinion as to its marketability.

Full Structural Report

This is a structural report based on a detailed examination of the property. Any areas of concern that you might have about the property will be investigated.

Arrangement Fee

This may be payable either in advance, where the lender will ask you to enclose a cheque with the mortgage application, or on completion. All or part of it may be non-refundable if the mortgage is declined or withdrawn. This will be specified in your mortgage quotation.

Legal Costs and Fees

The fees charged by a solicitor include the charge for conveyancing (the transfer of ownership of land), the cost of legal registrations and miscellaneous costs (known as disbursements). For example, Local Search fees and Land Registry fees. We recommend you obtain an estimate of these costs early in the process as solicitors fees can vary wildly.

Stamp Duty

Stamp duty is a government 'purchase tax' and is payable where the purchase price of the property is more than £125000. The current charge is 1% of the purchase price of the property. This increases to 3% if the price is more than £250000 and to 4% if the price exceeds £500000.(Stamp duty is not payable for re-mortgages). Rates of stamp duty are subject to government changes and some limited exclusions.

Mortgage Payment Protection

We recommend that you protect your mortgage and associated payments in the event of being unable to work through accident, sickness or unemployment. We will be more than happy to you with a independent quote.

Early Repayment Charge

Some lenders make an early repayment charge based on the product selected. Others charge at anytime if you pay off your loan before the end of the normal mortgage term. In some cases it can be a significant amount. Always check the terms in the offer letter from the lender.

Buildings & Contents Insurance

All lenders require that you fully insure the property for the total cost of rebuilding it. It is also strongly recommended that you take out contents insurance. We offer both buildings and contents insurance and your adviser can provide a quote. You are under no obligation to take up this offer and can make your own arrangements. It is your responsibility to ensure that you have adequate cover.

For Buildings and Contents Insurance and Accident Sickness & Redundancy Insurance we offer products from a selected panel of providers.

Please contact us or call 0800 037 8432 to discuss any questions you may have.