Joint mortgage with a mortgage broker

moneysaver1978

Hi

We found a mortgage broker who seemed to be good but wondering if £700 fee sounds like the right amount or is that too much?

If this helps, we are both 50 (unmarried), currently renting in London (we sold our individual homes several years ago), and looking at houses for around 500K in Kent.

Also as we are unmarried and have no dependencies (just a cat!), we will require a solicitor for a contract to protect ourselves (e.g. our shares of the home, what happens if we split up, one of us passes, percentage after sale, etc.) - what sort of prices should we expect?

Thank you in advance!

amnblog

'wondering if £700 fee sounds like the right amount or is that too much' - that is your call.

Broker Fee's typically range from £0 to £1,000, occasionally more than that.

dunstonh

You generally find that in areas where house prices are lower, the fee is higher and versa.    in lower value areas where a typical  mortgage is £100k, they need the fee to make up for the lower proc fee from the lender.  In higher value areas where mortgages are 500k, they dont need the fee as the proc fee from the lender is more than high enough.