Buy to Let Mortgage Fees
When taking out a buy to let mortgage or remortgaging your existing residential investment property you will incur a variety of fees. Here's what you can expect to pay:
At Mortgages for Business we do not charge clients for initial advice and we offer our clients a choice of fee structures:
Our standard broker fee is £497 which is payable on receipt of an acceptable, formal mortgage offer from the lender. Alternatively, clients can elect to pay a reduced but non-refundable broker fee of £297 which is payable once the application has been agreed in principle by the lender and before a valuation has been instructed. With both these options we will retain any commission payments paid by the lender.
Alternatively, we will rebate to the client any commission paid by the lender to us and charge the client a broker fee of typically 1% of the total loan amount (exact percentage will depend upon the size and complexity of the mortgage application). To discuss our broker fees in more detail please contact one of our mortgage consultants on 0845 345 6788.
Lender Arrangement Fee
This is payable by the borrower to the buy to let mortgage lender at or before completion of the mortgage. Usually it is either added or subtracted from the loan but borrowers can pay it separately.
This is payable to the surveyor who carries out the property valuation which is required by the lender and must be paid up front. How much pay will depend upon the value of the property and is usually calculated on a sliding scale.
This is payable to Mortgages for Business who, in turn, pay the surveyor for the actual property valuation which is required by the buy to let mortgage lender. Please note that a copy of this valuation is normally only sent to the buy to let mortgage lender. The application fee must be paid before the valuation can be instructed. Up to £100 of the application fee may be retained by Mortgages for Business to cover processing costs and you will be informed if this is the case.
Some buy to let mortgage lenders charge a booking fee for securing a particular buy to let mortgage rate. This fee is usually found on fixed rate buy to let mortgage products. The booking fee must be paid upon submission of the buy to let mortgage application.
Legal fees are payable to the solicitor for conveyancing of the property and include things like searches and registration with the Land Registry. The buy to let mortgage lender will normally use the same solicitor as the customer, (the practice must have two or more partners). All legal fees are payable by the borrower includind disbursements, as and when required by the solicitors.
Telegraphic Transfer Fees
These fees are for transferring money and may be charged by the lender and/or the solictor.
We accept payments by debit card. Payments by other cards, including credit cards are subject to a 2% surcharge. Please note we are unable to accept American Express cards.