List of Fees Charged by Mortgage Lenders

powerwin

Hi All

I am investigating the fees charged by mortgage lenders, and making a list of the various fees imposed for my own education, examples are below. I would be most grateful to those who can post further examples, with a brief description plus typical fee amount. Many thanks.

Mortgage Product Fee - Fee for providing you with this particular mortgage. Varies greatly with mortgage product.

Mortgage Legal Fees - Lender's charge for their legal fees. Expect to pay £100+.

etc.

Thanks and rgds

powerwin

Another one from me:

Mortgage Exit Fee - Fee charged if you exit your mortgage before full term.

Anyone else want to give some more examples?

Thanks

herbiesjp

Early Repayment Charges
TT Fee
Deeds release fees
Insuarance admin fees
Booking fee
Arrangement fee
Mortgage account fee

kingstreet

I'd exclude the lender's legal fee.

It's only shown on KFIs because it forms part of the API calculation. What you actually pay is what your solicitor charges as it's part of the overall job.

If, for example, your solicitor charges £550+VAT that should be the charge regardless of which lender you use for your mortgage.

powerwin - I downloaded Mortgage Brain this morning as I'm in the process of changing sourcing systems. It says there are 10,000 mortgage products for brokers, then on top there are loads of direct products.

In the end, they change regularly and your list isn't going to be very accurate for very long. I'll look stuff up for people if they ask nicely.

CautiousWithMoney

Here is a list of fees I recently got quoted when initially applying for a mortgage:

Their mortgage valuation report admin fee: £90
Reinspection/final inspection fee: £50
Arrangement fee: Depends on product but up to £1k
Returned unpaid valuation fee cheques: £25
Lending Fee (due on completion): £195
CHAPS fee: £30

powerwin

CautiousWithMoney wrote: »

Lending Fee (due on completion): £195

When you say completion, do you mean the completion of repaying the mortgage?

So, am I right in thinking this is a set fee payable at the end of the mortgage term, often referred to as simply the "Mortgage Fee".

Thanks

CautiousWithMoney

The lender charges the £195 fee for making the loan under a new mortgage. The fee 'becomes due on
completion but you can defer payment until the date on which the mortgage is fully repaid. We will assume
that you want to defer payment unless you tell us otherwise. We will not charge interest on the fee in the
meantime.'