Mortgage Fees

Mortgage Advice - Mortgage Fees

PROPERTY ADVICE BLOG - Mortgage Fees Explained

•    Valuation fee – this fee is given to a chartered surveyor when the property has been evaluated and shown to meet the mortgage rate.

•    Product fee – this is the asking price attached to a particular mortgage deal which is required from the borrower.

•    Early repayment charge – this charge used to be known as the redemption penalty tie-in and refers to a rate which is less than the typical market borrowing price. The borrower may incur a penalty if the loan is repaid within the incentive period.

•    The Higher Lending Charge –  the mortgage lender requires this fee from the borrower when the amount borrowed is greater than a set percentage of the property’s value. This fee is typically required at the start of the loan and is used to protect the lender from borrowers who cease to make repayments.