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Repayment Types:
Interest only: An interest only mortgage relies
on a repayment from and Individual savings account, endowment
or pension, and interest is paid on the full amount of the
loan until repayment.
Capital and Repayment – The monthly payments
are part payment and part interest. The interest payments in
the early part of the loan make up a larger proportion of the
repayment.
Stamp Duty:
| House Value |
Stamp Duty |
| up to £60,000 |
nil |
| £60,000 to £250,000 |
1% |
| £250,001 to £500,000 |
3% |
| £500,001 and above |
4% |
Checklist of costs
Legal fees – approximately £350.00
for a purchase price of £100,000.
Local searches – Vary from council to
council. An average cost is £85.00.
Land registry charges – Vary between £100.00
to £200.00 depending on purchase price.
Survey fees – these vary according to
lender and purchase price of the property. An average is £200.00
for a property between £100,000 and £150,000. Valuation
fees are payable along with the application. Some mortgage
products come with free valuations and some you pay in advance
but will be reimbursed on completion.
Arrangement fees – Is usually payable
to book a certain product, ie. a fixed rate deal. Payable with
application and non refundable.
Administration fee – Charged by lender
or broker for the administration of your application and varies
dependant on your situation. Usually non refundable.
Broker fee – Some advisers charge a broker
fee for their time sourcing a suitable mortgage product. These
vary from broker to broker. Usually refundable if the application
does not produce a mortgage offer.
Subject to individual circumstances.
This
may increase the total of your mortgage
And
Early repayment
charges may may apply.
Please ask for a personalised illustration.
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