(Hidden) costs of Mortgages

Dean000000

Maexchen wrote: »

Interesting tone in this forum

what? from 1, slightly blunt (but entirely accurate) poster?

kingstreet

The regulators insist on lenders including some costs on illustrations which aren't technically mortgage costs, such as the Land Registry fee.

IMHO we should be able to see;-

valuation/survey fees
product/application/arrangement fees
discharge/account-ending fees

and then there should be a statement about lender conveyancing costs, Land Registry and SDLT charges as these will be largely the same regardless of lender used.

Maexchen

Dean, I could ask him if moneysavingexpert is the right place for him if he is willing to pay more money then needed.
For my mortgages the difference for 4 indicative offers over the 5 years was £500 (taking all payments and fees i knew of into consideration), so I think £65 is making a difference. That doesn’t mean I can’t afford it.

Maexchen

Anyway, I’m more comfortable now as I believe I have those costs factored in (though interestingly my solicitor thinks the land registration fees are half of what HSBC says, so i need to see what it is in the end)

foxy-stoat

Sorry, didnt mean to be blunt.

I read a similar thread....First timer looking at buying a £180,000 house asking should they be worried about a boiler that may or may not last for 5 years as it was 5 years old when they looked at it....replacement boiler will be around 0.7% of the purchase price and thats for a 4 figure sum of money that you may have to find.

You probably saved many thousands of pounds and lots of hours of your time by using a broker. It may not seem it as "we" don't like paying for fees (legal or professional) but in the world of mortgages the numbers are so much larger than anything else.

Good luck with your flat.

Dean000000

I get that, but like, over 60 months that around £1/month....


I was just pointing out that you were very quick to assess an entire forum on one post...that's all.


its not conducive for canvassing for helpful responses.

kingstreet

Maexchen wrote: »

Anyway, I’m more comfortable now as I believe I have those costs factored in (though interestingly my solicitor thinks the land registration fees are half of what HSBC says, so i need to see what it is in the end)

There you go;-

https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

horse's mouth.

Maexchen

All good then

Maexchen

All good then.

And the last link explains the difference. HSBC still lives in the age of traditional post, while my solicitor has joined the digital revolution.

kingstreet

Maexchen wrote: »

All good then.

And the last link explains the difference. HSBC still lives in the age of traditional post, while my solicitor has joined the digital revolution.

Yes. They probably gave the "worst case scenario" figure for your transaction.