Apart from the usual things, such as deposit, your credit score, monthly repayments etc there is also the matter of legal costs, lender arrangement fees, and valuation fees. Also dependent on the value of the property you may have to pay stamp duty.
Lenders will have arrangement fees that can be added to the overall mortgage. Each lenders fee will vary, and dependent on the type of loan you are interested in this can be higher or lower.
Valuation fee – there could be valuation fees, which will depend on the value of the property, you may need to get an EPC (energy performance certificate).
Legal fee – the solicitor costs will need to be considered. Solicitors are crucial in the buying and selling part of property purchase. They take a fee for arranging the transfer of deed, contracts, land registry, and transferring funds to purchase the property.
Brokers often charge a fee for their role in advising and sourcing the right mortgage for you.
That is quite a lot to investigate when buying a property, and can be overwhelming, however working with the right mortgage broker can relieve some of the tension around securing a mortgage. And a broker will explain all the costs associated with purchasing a property and will help navigate through the purchasing process.
A key thing to remember with any mortgage is key advice from the FCA (Financial Conduct Authority) “your home may be repossessed if you do not keep up with payments”.
Journey Mortgages is a specialist broker that can help you with commercial mortgages and more. Get in touch, and one of our friendly team with be happy to help you with your enquiry.