Your home may be repossessed if you do not keep up repayments on your mortgage
Other Costs
- Legal fees
This is charged by the solicitor or licensed conveyancer acting for you and the lender. They will also pass on to you the cost of land registry charges, local search fees and stamp duty.
- Telegraphic transfer fee
Charged by the lender for transferring the funds to your solicitor for completion.
- High Lending Fee
Depending on the level of deposit, you may have to pay a higher lending charge . If you borrow more than 75% of the value of the property your lender may insist you pay a higher lending charge as a one-off single premium. Some or all of this fee may be used by the lender, at their discretion, to obtain insurance to act as extra security for it's sole benefit. If this is the case, the lender will give you a written explanation, stating that;
- such insurance will not protect you if your property is subsequently taken into possession and sold for less than the amount that you owe, and that
- you remain liable to pay all sums owing, including arrears, interest and your lenders legal fees, and that
- if you claim is paid to your lender under such insurance, the insurers generally have the right to recover this amount from you.
