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Extra Mortgage Costs - part 1
Sadly, paying your monthyl repayment is not the only financial consideration you have to make when you take out a mortgage. There are many extra costs and considerations too. Here we take a look at the main ones...
1. Application fees
Many of the best mortgage deals come with an additional fee. This can be anything from £200 up to £600. You will need to pay the fee upfront when applying.
2. Valuation fees and surveys
Mortgage lenders will arrange for a surveyor to come and inspect the property you wish to buy to ensure that it is worth the asking price. They will also check that there are no obvious reasons why the lender should not give you a mortgage based on what the surveyor sees.
The cost for this can range from a few hundred to several hundred pounds depending on the type of property you are looking to buy.
It is worth considering paying to have an additional survey done on the property to ensure that it is structurally sound. A basic survey will costsaround £300 while a full structural survey will be around £800.
3. Solicitors fees
Legal fees cost around £1,500 for a purchase. If you are selling as well, you can double that figure.
4. Mortgage indemnity guarantee (MIG) / mortgage indemnity premium (MIP).
If you are putting down a deposit of 25% or less, then you will need a MIG. This is an insurance policy that protects your lender in the event of your home being repossessed and being worth less than the outstanding mortgage amount.
Not all lenders charge you for this insurance, so do check. The typical cost for a MIG / MIP on an average sized mortgage could be several hundreds of pounds.
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