Mortgages UK
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Here is a Explanation of Mortgage Terms.
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Valuation
Lenders need a valuation of the property you are buying (or re-mortgaging) to ensure that they will not be lending you more than the property is worth.
The charge for this is based on the purchase price of the home you are buying (or estimated value if re-mortgaging). The higher the cost, the higher the charge. This is in your interest, as the lender will ensure that the building is worth the money you are trying to borrow.
Home Buyers Report
This is a much more comprehensive survey than the lenders basic valuation. If you are buying a second hand property (i.e. not newly built) it is advisable to have your own survey done. A qualified Surveyor who will look for defects does the survey and will comment on whether they believe it is a good buy at the price.
In some cases (particularly older properties) a full structural survey may be advised.
Warning: Property ValuesAs you are aware property prices are subject to fluctuation, this means that the price you have agreed to pay for your property is not necessarily an indication of its future value.
Administration Fee
This cost is sometimes called a Booking Fee or Fee, usually charged on special rate mortgages.
Local Search
This is the cost that the Local Authority charge your solicitor for giving information to them regarding such things as planning in the area that the property is in and so on.
Land Registry Fee
This cost comprises both Land Registry Title and Land Registry Search.
Land Registry Search
This is the cost to establish that the person/s selling the property to you owns the property.
Land Registry Title
This is the charge made to check that the property has been registered at the Land Registry. This ensures that ownership is guaranteed by the State.
The charge is on a scale related to the purchase price.
Conveyancing
This cost will vary depending on selected solicitor, this charge is for legal and administrative work to transfer the ownership of a property from one party to another.
Bankruptcy Search
This is the charge for checking that the person/s selling you the property is/are not bankrupt.
Telegraphic Transfer
The charge for transferring the money to pay for your
Stamp Duty
Stamp Duty is a tax that is payable on some deeds and documents, including conveyancing or assignment of property above a certain price (currently £60,000) check with your solicitor as some areas qualify for exemption.
The tax is levied as a percentage of the purchase price of the property as follows:
Up to £60,000 - Nil
£60,000 - £250,000 - 1%
£250,000 - £500,000 - 3%
£500,000 + - 4%
The tax is often misunderstood. The tax is payable in full for properties above the price set and none at all payable for properties below it.
Therefore, under the current criteria you would pay £650 on a purchase price of £65,000 and nothing on a property bought at £59,000
Mortgage Indemnity Lenders will often require insurance to cover themselves against
Guarantee Premium
they set these at varying levels as a percentage of the loan against the value of the new home.
These can start as low as 70% and may be stepped so that greater charges are made the closer the amount of the loan is to the value of the property.
VAT Some costs are liable to VAT. Normally the VAT for the purposes of the illustration are taken out of the costs and shown separately.
OTHER SERVICES
Buildings Insurance
An insurance policy will be required by the lender to cover the rebuilding of your property should it be damaged, this type of cover is compulsory.
Contents Insurance
An insurance policy that will pay out in the event of loss or damage to your household belongings.
Accident, Sickness, Unemployment Insurance
This insurance is to cover loss of earnings in the event of accident, sickness or unemployment.
We believe the best assistance comes from a regulated mortgage broker!
Your home may be repossessed if you do not keep up repayments on your mortgage.
1st Direction Mortgages (UK) provides a Mortgage Introducer Service and is a Trading Style of Hello Finance Ltd.
Hello Finance Ltd is an 'introducer' of clients to regulated Independent Mortgage Advice companies and may receive a introductory fee from the mortgage broker for such a service. The content of this website in 'information' on the services that are offered by our partner advice companies. The content of this website must not be taken or used as 'advice' on the type of mortgage that is most suited to your needs. Hello Finance Ltd hold no responsibility for any advice given by our partner companies.
Please read our Terms Of Business for further information.
Registered Office:
Hello Finance Ltd 7 Fidlas Road Llanishen Cardiff CF14 0LW