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Buying my first Flat – Concerned About Mortgage Adviser & Solicitor Costs

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  • kingstreet
    kingstreet Posts: 39,459 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    https://forums.moneysavingexpert.com/discussion/6655437/buying-my-first-flat-concerned-about-mortgage-adviser-solicitor-costs

    Hmm.

    Broker

    £800 seems a lot. We would charge no more than £295 and we would receive 0.4% from the lender for the purchase and 0.2% for the later rate switch. Assuming a 90% purchase mortgage that's £423 then £131 a total of £859 altogether. Your broker would earn £500 more. When I hear "lifetime fee" I start thinking national chain estate agency?

    Solicitor

    £2,006 was the cheapest quote I could get from SortRefer a broker portal for a service rating of 96%. That includes a £350 leasehold charge. I assumed there were no add-ons, such as gifted deposit. Bear in mind share of freehold means little to a lender. The remaining lease term, ground rent and service charges will be relevant.

    Product

    Nationwide trackers have no ERCs so switching to a fix is cost-free and (for BigPhil) the fixed rate products allow overpayments of 10% of the initial loan, not the outstanding balance.

    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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