Buy-to-let: Up front costs

Scouse_Mick

Hi,

I'm thinking about remortgaging my property with a buy-to-let mortgage and want to make sure I know what costs there will be - that is the one-off up front remortgage costs rather than the ongoing costs.

There's the arrangement fee with the lender and any exit fees I may have on my current mortgage. Do lenders also always charge legal fees? Valuation fees? What other costs have I missed?

Also what are the likely amounts for the above costs?

Thanks

TinkleToes

I'm presuming you have no early repayment penalties?
We recently re-mortgaged to Northern Rock but not to a 'Buy To Let' mortgage.
The fees we were charged were as follows:
£595 valuation & admin fee (extortionate as he was only here 15 mins!)
There was also £200 for the legal work involved, this was completed by Northern Rocks appointed solicitors and a CHAPS fee of £25.00.
Total = £820

I don't think our existing mortgage charged a 'vacating fee' but I know if we leave Northern Rock we have to pay £250.00

You do also seem to get that 'odd' first mortgage payment before your regular ones kick in - usually arrives before pay- day when you're flat broke!