The cost of arranging your mortgage
When you purchase a property and apply for a mortgage, you will incur a certain amount of costs. To set up the mortgage loan, you may incur the following fees. All of these will be discussed with you by your qualified smartlife mortgage adviser.
- Valuation fee
Normally the lender will ask you to pay a fee for a surveyor to value your prospective property. This fee is usually required at application.
- Arrangement fee
This is charged by the lender for setting up the loan, normally paid on completion but sometimes added to the loan. It normally only applies to special offer loans, such as fixed or capped rates.
- Booking fee
Charged by the lender to secure the mortgage funds, payable at the time the loan application is submitted. Normally applies only to special offer loans, such as fixed or capped rates.
- Broker Fees
Mortgage
We will advise and make a recommendation for you after we have assessed your needs. You have the option of paying us: A fee of 1% of the mortgage amount. Any commission paid by the mortgage lender will be used to reduce the fee payable. Example ( for illustrative purposes only) If your mortgage is for £100,000 there will be a total fee of £1000 if your mortgage completes. If the lender pays commission amounting to £400, the amount you pay would be £600 which equates to 0.6% of the loan.Or you pay the broker no fee and we will be paid commission from the lender. You will receive a key facts illustration that will tell you about any fees relating to a particular mortgage
Insurance
No fee. We will be paid commission by the provider. You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.
