There are many costs when moving and below is a list of some of the costs you may have to pay when moving or buying your first home
1. Arrangement/application fee – a fee charged by the mortgage company to arrange your mortgage
2. Booking fee – a fee charged by the mortgage lender to book your interest rate
3. Valuation fee – a fee charged by the mortgage lender to do a mortgage valuation on the property you are purchasing. Some lenders offer this for free (subject to the value of the property you are purchasing). There are 2 other forms of vaulat4ion you can have which are slightly more in depth than this. These are Homebuyers report or Full Structural Surveys. It is always recommended if you can afford a more in-depth report then please get one done.
4. Solicitors fees and disbursements – These do vary dramatically so please get a quote from a few different solicitors to find out your fees before you start your house moving or re-mortgaging process. If you are re-mortgaging, most high street lenders offer you free legal fees, so they will pay them for you, but, they are not offered in all cases. If you are purchasing or selling a property, then you will normally pay fees to the solicitors to buy and to sell.
5. Stamp Duty – This is payable to the solicitors just prior to exchange of contracts. First Time Buyers do not pay this if purchasing a property of up to £300,000 or for all people buying a property of less than £125,000 (unless it’s a second property i.e. a buy to let property). The more the property value then the more you will pay. Please see our Stamp Duty section to find out how much you could pay
6. Estate agents fees – only payable when you sell a property. Normally these are no sale no fees payable and these are negotiable so please haggle with the agent before signing their agreement
7. Broker fees – some brokers charge fees for their professional services to give you advice and process your mortgage for you. Their fees do differ so please ask your adviser for how much they charge.