Mortgage Costs

What costs are involved in purchasing property?

The total cost involved in purchasing a house can vary depending on a number of factors. Until we are able to sit down and have a discussion with you to understand your own unique circumstances, it is not possible to give an accurate answer of how much it will cost you. However, there are three main costs that you should consider within your budget:

Stamp Duty

Stamp Duty Land Tax, to give it it’s full name, is a tax charged by the government whenever you buy land or property above a certain price. A break down of the rates can be found on the HMRC website here and a useful calculator for determining the how much you will need to pay can be found here.*

Conveyancing

This is the costs of having a solicitor handle the legal side of things for you. This can again vary depending on the firm you use, and we recommend that you obtain a quote from your preferred solicitor early in the process to enable you to budget appropriately. If required, we can help you find a reliable solicitor to act on your behalf.

Valuation Costs

Most lenders will require you to pay a valuation fee in order to send out a surveyor to the property to check that it is suitable to be used as security for the loan. The price of this will vary from lender to lender and typically increases with the valuation of the property. This is the most basic form of valuation and is done for the benefit of the mortgage lender, not the client themselves. If you would like a more substantial report, you will need to pay for one which can be discussed with your Mortgage Broker.

*Please note that by clicking any of these links you are now leaving the regulated site of Gladstonei365 Mortgage Brokers and we are not responsible for the accuracy of information contained within the linked sites.