Homebuyers report cost

dexterwolf

Does the Mortgage provider do the Survey or Homebuyers report and put the cost on the final Mortgage fee. I have a 2 hour phone interview with my current lender tomorrow as we are moving home but will they add the fee to the final mortgage fee?. Or can you pay this straight away to save paying interest. Or have I totally got this wrong and the Homebuyers report is something for me to sort out separate from the Mortgage.

amnblog

We advise that the client allows the Lender to value for lending purposes only.

Once you know the mortgage application is good and the purchase is progressing, that is the time in invest in your own Homebuyers Report or Structural survey.

Not all Lenders offer to arrange a Homebuyer Report on application, but if they do, and the property does not value up or the purchase falls through, you have wasted extra cash for no benefit.

Enjoy your two and a half hour phone call!

dexterwolf

Thanks for that, Even though I have a fixed rate Mortgage that is coming to an end I find the whole process of trying to get it sorted for the new property confusing. As I am not borrowing any further funds and using inheritance surely if I was happy to stay with lender and go onto another fixed rate then they could just port on the day of the move.


I understand if I was borrowing more but if you're not then surely if the property that you are buying meets the Valuation your paying it should just stay the same and port the mortgage.

amnblog

A change of property is a new mortgage is new underwriting Dexter - that is necessary.

What isn't necessary is two and a half hours on the telephone.

dexterwolf

I just don't understand why they can't just say fix for two years and port the mortgage. I have not got a clue about underwriting but just seems more waffle than is needed for buying a house and not borrowing anymore.


I have a decision in principle from them so I am guessing that this will check my finances more and try and sell me other products

amnblog

It is more waffle than needed - and they do want to sell you other (overpriced) stuff.

The benefit of going direct rather than using a broker.

Thrugelmir

dexterwolf wrote: »

I just don't understand why they can't just say fix for two years and port the mortgage. I have not got a clue about underwriting but just seems more waffle than is needed for buying a house and not borrowing anymore.

PPI claims have cost the banks £25 billion. As a consequence a couple of hours of waffle is worth it from their perspective.