Lenders Fees
So you have got the mortgage sorted out and the deposit is saved, there's nothing else to pay is there? Below is a summary of the main items that you will normally need to pay when buying a property:

Valuation Fees
You will normally have to pay the lender a fee to arrange a valuation on your prospective new home. This report is done for the lenders benefit, to confirm the property is adequate security for the mortgage. Other more detailed reports are available at extra cost. Call us and we can give you more information about these.

Arrangement or Booking Fees
Most lenders are happy to lend up to 75% of the purchase price or valuation of your home. If you need to borrow more than this, the lender may want to take out an insurance policy known as 'Higher Lending Charge'. This is arranged by the lender for their own benefit.

You may have to pay a one off premium for this although most lenders will allow you to add this to the mortgage. Some lenders will not charge this even if you borrow up to 125% of the value of the property.

Deposit
Mortgages are available up to 100% of the purchase price of the property (although more schemes, with better pay rates are available with a deposit available).

Most lenders will expect the borrower to put between 5 to 10% of the property price down themselves (although 97% & 100% and sometimes 125% schemes are available)