Costs and Charges

ARRANGEMENT FEE        

 

Paid to the lender to arrange your mortgage.

Can be paid up front or added to the loan.

Typically £995 or up to 1.5% of the loan for commercial borrowing.

Can be free when re-mortgaging or for certain purchases.

 

VALUATION FEE 

           

Paid to the lender to have the property valued.

Completed prior to an offer being made by the lender.

Paid up front and cost based on property value.

Typically £250 - £1,000, but often free for re-mortgages.

 

LEGAL FEES

 

Paid to have legal representation for a property transaction. 

Usually paid to your own solicitor.

Free legal costs may be available.

Typically £500 - £1,000 depending on transaction.

 

BOOKING FEE            

 

Sometimes levied by a lender on fixed rate products.

Typically £100 - £200.

 

LENDER CONVEYANCING

        

Some lenders ask for a contribution towards their legal costs.

Typically £100 - £300.

 

BROKER FEE

            

Charged for advice given by the Broker to source the best product for you.

Covers the time taken to interview clients, obtain documentation, conduct research, complete an application, liaise with lender and reach the offer stage.

Typically £495 - £995 or up to 1.50% of the loan on complex cases.

 

FUNDS TRANSFER FEE 

       

Cost levied by a lender to send mortgage funds to the client's Solicitor.

Typically £20.00 - £35.00.

STAMP DUTY

You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland. The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties. There are different rules if you're buying your first home. You get a discount (relief) that means you pay less to no tax if:

  • You complete your purchase on or after 22 November 2017.

  • The purchase price is £500,000 or less.

  • You, and anyone else you're buying with, are first-time buyers. 

Please click the link to the gov.uk website to calculate the potential cost of stamp duty for your purchase.

Some or all of the following costs may be incurred when undertaking a mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage. 

Grayling Mortgage Solutions Limited is authorised and regulated by the Financial Conduct Authority. 

Registered Office: 4 Henley Way, Lincoln, England, LN6 3QR. Registered in England and Wales. Registered Company Number: 796182. 

 

Copyright Grayling Mortgage Solutions Ltd 2018

Grayling Mortgage Solutions Ltd is entered on the Financial Services Register under reference 796182.

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If you wish to make a complaint, please contact us initially. However if we cannot settle your complaint, you are entitled to refer it to the Financial Ombudsman Service 

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