First Time Buyer Mortgage Advice in Nottingham
A frequently asked question to our mortgage advisors, from first time buyers in Nottingham is, “How much will all of this cost?” To provide clarity, we’ve compiled a comprehensive list of fees associated with buying a new home and outlined when they become due.
Costs of buying a home
Estate agency fees
This pertains specifically to those with a property to sell. With the surge of online Estate Agents, the cost of selling your home can be varied. However, if you prefer a more personalised local service with a dedicated sales negotiator, fees typically range from 1-2%.
Valuation fees
Your mortgage lender will require a property valuation to ensure they are lending against adequate security. Valuation costs vary, ranging from nil (for a basic valuation with some lenders) to several hundred pounds for a detailed Home Buyers’ Report and even more for a Full Building Survey.
Your choice depends on factors like the property’s age, type, and any concerns you may have.
Mortgage arrangement fees
While some mortgage products offer attractive rates, an arrangement fee payable to the lender may offset the benefits. Not every product includes this fee, and it can be nil or, for example, £999 or more, depending on the lender/product.
These fees may be paid upfront or added to your mortgage balance, incurring additional interest charges.
Solicitor’s fees
Solicitor fees for a property purchase can vary significantly. For a straightforward purchase with a local company, an estimate for a low-value property is around £600.
When seeking a quote, ensure it includes VAT, the cost of any disbursements (Land Registry Fees and Local Authority Search Fees), and confirm if your solicitor is on your mortgage lender’s panel.
Stamp duty
In addition to solicitor fees, Stamp Duty Land Tax is payable upon completion. You can learn more here.
Broker fees
Some mortgage brokers in Nottingham charge a fee for their service. Opt for one that charges on completion to avoid application fees and ensure the safety of your money throughout the process, especially if you’re a first time buyer in Nottingham.
Removal fees
The cost of moving your furniture can vary widely, depending on the service level. Renting a van and handling the move yourself can cost less than £200, while a full-service company may charge £1,000 or more.
Moving Home Mortgage Advice in Nottingham
If you wish to delve deeper into the costs associated with obtaining a mortgage, feel free to reach out to one of our mortgage advisors in Nottingham. We’re here to guide you through the details.
Date Last Edited: December 11, 2023
