I do charge a modest but fair fee for helping Ancestry Visa holders with their mortgage needs. It is really charged on the lowest possible fee scale and only charged to cover the extra time that I have to put into each case. I am happy to explain my fees to you when we speak but everyone seems more than happy with the amount in exchange for the work that I do and the level of support that I provide. The same fee is charged to everyone and whilst it is just charged once the service that I give you is ongoing.
Part of what I do is advise you on all of the associated fees that you may come across during the mortgage process. I will go through each fee with you during our telephone meeting so that you know what to expect when applying for a mortgage:
This is fee changed by the Mortgage Lender who will as a minimum need to value the property for mortgage purposes. There are 3 levels of valuation fees which can be payable and include:
- Valuation for Mortgage purposes
- Homebuyers Report
- Full Structural survey
The vast majority of purchasers choose to have a valuation for Mortgage purposes which ensures that you are not paying over market price for the property and that there are no major defects with the property.
The Homebuyers report is a higher priced mid level report which is a more detailed report about the property.
The full structural survey is carried out by structural engineers and this type of survey is the most comprehensive available. Care must be taken whether the property that you are buying warrants this type of report.
Stamp Duty Land Tax is a fee that you have to pay to HMRC when buying a property costing £125,000 or more in England, Wales, Scotland & Northern Ireland.
You can claim a discount so you don’t pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000.
You can check how much your stamp duty bill will be on the Government website.
A solicitor will carry out the legal work associated with buying your property and advise you on any legal issues. I will give you an idea of cost as part of my advice but expect the fee to cover the solicitors fee, various types of searches, land registry charges and your stamp duty is paid to the solicitor if applicable.
Not something for you to worry about too much but some lenders may offer you a lower rate in exchange for an upfront product fee. Again, I will advise but the majority of first time buyers are quite happy to take fixed rates without associated product fees.
It is not all about fee paying…Some lenders still offer cashback as a signing up bonus.