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Remortgage Frequently Asked Questions
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There are several costs of purchasing a home which need to be bore in mind before making a commitment to purchase. Briefly these Costs consist of the following
Deposit-Once you have made the exchange of contracts for the sale of the property, the next step is to make the deposit payment, which will be done through your solicitor, this amount will vary depending on your mortgage lender and thus can fall in the region of 10%-15%. However some Lenders will borrow the full 100% of the property price, thus no deposit may be needed. However if you are going down the route of a 100% mortgage, most Lenders will charge you a Higher Lending Fee.
Valuation / Surveys-Before your mortgage lender can provide you with a loan amount, they will need to make sure that the home you want to purchase will provide sufficient security for the loan amount. Thus the mortgage lender will require that you carry out a survey on the property. The cost for this will depend on your lender, some will pay it on your behalf, others tend to charge for this upfront. The Lenders will have there own panel of Valuers so if you want to select your own , please ensure it is approved with the Lender First.
Legal Costs-In order to carry out the purchase of the property you will need to appoint a solicitor or a conveyance to see to all the legal side of the purchase. This will cost you, and thus you should ask for estimates before you choose your representative. The role of the legal representative is to carry out all local searches, and to deal with the land registry and title deeds. Your solicitor will carry out local searches for the property to check for anything that could affect the property either at present or in future times.
Stamp Duty-Stamp duty is a type of tax that the government charges on home purchases and is dependant upon the worth of the home, the rates are as listed below:Up to £125, 000 - there is no stamp duty on this,£125,001 up to £250, 000 - a rate of 1% of the value of the property is charged,£250,001 up to £500, 000 - a rate of 3% of the value of the property is charged,£500,001 plus - a rate of 4% of the value of the property is charged
Lenders Fees-Your mortgage lender will charge you certain fees when getting a mortgage for your new property, these as follows, the arrangement fee, and the high lending charge.Arrangement fees are charged by most lenders, this will in most cases be added on to the mortgage capital, the amount charged will depend on your mortgage lender and the type of mortgage you choose.The Higher Lending Charge acts as an insurance which will protect your mortgage lender from losses in the unlikely event that your home is repossessed due to arrears and your inability to make mortgage repayments. This charge is normally applied to mortgages of 75% LTV or higher, the premium payments for this will be made by your self, however you will need to understand that this insurance will only cover the lender and not your self.
Insurance-All mortgage lenders in the UK will require that your insure your new property, this will cover any risks to your property. You may also need to take out what is known as a mortgage payment protection, this type of insurance will offer you protection against your inability to make payments for your mortgage due to factors such as sickness, unemployment or redundancy.
Life Assurance-Most mortgage lenders in the UK will require you to have a life assurance which will cover the value of the mortgage that you have taken out, incase that you or your partner die.
Remortgage Frequently Asked Questions
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