Additional Mortgage Fees

corkyefes

Good afternoon,

Just looking for someone to answer my questions and give me some advice if possible.

I'm looking to move out at the end of February next year with my girlfriend, after we have saved abit of money.

By the end of Feb we would of saved about £10k.

What additional fees should I take into consideration when applying for a mortgage?

I have looked on the internet and recognised the below:

• Mortgage Fees (Lender Fees) - Approx £1k (which were lead to believe these may be able to be added to the mortgage)

• Solicitor Fees - Approx £1k

• Mortgage Broker Fees - £500 ish (we have been recommended a good broker which we are thinking of using)

• Survey Fees - £300 ish

Therefore we have assumed that from our 10k savings, we would have about £7000 left (£8k if we can add the lender fees to the mortgage).

Is there anything I have missed out?
(For now, please ignore insurances, stamp duty and moving costs)

We are looking to apply for a mortgage in the region of 80k. We earn approx 35k between us and with a 7k-8k deposit, we are hoping that this should be achievable.

My credit rating is good, however my girlfriend made 3 defaults about 2.5 years ago.
We have no debt barring one £200 loan.

Also, what will the mortgage broker actually do?
I know they search for the best mortgage for us, but what else?
Do they appoint a solicitor? Do the arrange the survey for us?

It seems alot of money for just searching and drafting up paperwork, however people say they relieve so much stress.

Hope you can all give me some valued advice/information.
Regards
Any advice appreciated.

Blondygirl

Hi,

You will need to have at least a mortgage valuation survey done if nothing else. The cost of these varies from lender to lender our is costing £360. This is on top of the £999 arrangement/booking fee. You may also feel the need for a homebuyers survey or a full building survey done which would potential add another £400/£500 on.

A good broker will find the best deal for you & will know the best place to put your mortgage with your girlfriends defaults.

shaundiamonds

You have about covered it - unless the property is a leasehold then there may be some minor apportionment fees. Good luck!