Charges and Fees
As well as your deposit, for residential mortgages, there will be several other charges, which we will help you budget for:
Solicitor Fees
You will need to appoint a solicitor to act on your behalf and protect your interests during the purchase of the property. At AAG, we have a panel of solicitors, approved by all lenders, who would be happy to assist you.
Stamp Duty
This is a tax imposed by the government on the purchase of any property valued above £125,000. It is calculated on a sliding scale and ranges from 1% to 4% of property value.
Valuation / Survey Fee
Lenders require a standard valuation report. You may prefer to have a more in-depth survey report for your own information and peace of mind.
Land Registry
This is a fee charged by the government for registering the land on which the property sits.
Lenders Arrangement fee for Residential and Buy-to-Let Mortgages
This charged for booking fixed rate funds or arranging a mortgage. It may be added to the loan or charged up-front.
You will be charged an administration fee in respect of the work we do to secure a mortgage loan from a lender. The fees are calculated on the basis of the size of the loan you are applying for.
The fees are summarised in the table below:
Mortgage Applications that satisfy all the published lending criteria up to £500,000:
|
Mortgage Loan Size
|
AAG FEE
|
|
Up to £250,000
|
495.00
|
|
From £250,001 to £500,000
|
675.00
|
In the event that your loan is above £500,000 or your circumstances don't match the Lenders published criteria, we are able to negotiate special deals on your behalf, we will charge up to 1% of the loan amount applied for. We shall also receive commission from the lender.
As independent mortgage advisers, our clients can choose to pay fully for our services and will receive back the commission we receive from the lender. Typical example - £500,000 mortgage. Advice fee 1% £5,000 with £1,400 lender’s commission refunded. Please contact us for a personal illustration.
Higher Lender Charge
When you borrow above 75% of the value of your property, lenders will seek outside insurance against the possibility of you not being able to keep up your mortgage repayments. The premium charged by the insurance company will be passed on to you.
Interested in finding out more?
Call us on +44 207 016 6767
Alternatively, click above to complete our online Mortgage enquiry form.