General Mortgage Fees and Mortgage Costs

In the previous article, we talked about the Mortgage Fees and Mortgage Costs . They were the details that are usually mentioned in the keyfacts document. However, there are still a lot more things that need to be know, which are usually not listed in the keyfacts document.

These won't be listed in the keyfacts documents.
Fee or charge	What's it for?	How much?
Estate agency fee	Marketing and selling your home.	Typically 1-3% of the selling price; ask for a quote and shop around.
Stamp duty land tax (known simply as stamp duty)	Tax payable to the government when you buy a home. Make sure this is in your budget if it applies to you - the cost can be high. It is the buyer who pays stamp duty, not the seller.	Varies depending on purchase price of property see HMRC website.
Legal fees	Paid to your solicitor to represent you, negotiate for you, and carry out the necessary searches, land registry and so on. This is also known as conveyancing.	This usually will vary according to the firm. Budget for at least £400 and possibly more. Ask for quotes.
Survey fee	Your lender will carry out a valuation visit (see above), but this is only a very basic inspection. You may want a Homebuyers report or a structural survey if you want a detailed report on the condition of the property.	This will vary according to the surveyor, the size of property and the type of report you need. Ask for quotes.
Removal costs	Moving all your belongings from your old home to your new one.	Costs will vary, although you can save money by packing up everything yourself. Ask for quotes.

It becomes very important that you know the above mentioned fees and costs for your mortgage. Otherwise, once you finalize the mortgage deal and later you will discover that you are required to pay all these charges, it may hurt you in big way financially.

Here are some Top tips
1. Look at your keyfacts about this mortgage document for fees you must pay.
2. Use our checklist so you are aware of the costs involved.
3. Shop around for quotes – you can often save money.