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fees associated with mortgage
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Hi,
We have been saving for years and years, we may be able to get something this year but I need to know how much extra we need to save for fees, I have searched online a lot but with quite different amounts, for example one site said 5k is charged to Exchange co contracts and another said about 4k covers all fees including solicitors contract fees?
If you have personally gone through that process we would be grateful if you could tell us how much your fees were?.
Also, we have 13k for a mortgage but at a 10 percent deal, does that mean the bank lend me 130k and I add my 13 k to that giving us 143k to spend or does it mean they multiply 13k by 10 and lend me 117k and I add my 13k to that giving us 130 k to spend?
Kind regards,
Bet
We have been saving for years and years, we may be able to get something this year but I need to know how much extra we need to save for fees, I have searched online a lot but with quite different amounts, for example one site said 5k is charged to Exchange co contracts and another said about 4k covers all fees including solicitors contract fees?
If you have personally gone through that process we would be grateful if you could tell us how much your fees were?.
Also, we have 13k for a mortgage but at a 10 percent deal, does that mean the bank lend me 130k and I add my 13 k to that giving us 143k to spend or does it mean they multiply 13k by 10 and lend me 117k and I add my 13k to that giving us 130 k to spend?
Kind regards,
Bet
0
Comments
For a 10% deal you provide 10% and they provide 90%, so for a 130K mortgage you are expected to come up with 13K and they provide 117K
I hope everything goes well for your mortgage fibberty
The real killers are the solicitor's. You'll need about £1500 if you're moving, £3000 if you're selling as well. Don't forget removals, if it's your first house then you'll be fine without them, otherwise, getting a removal firm was quite easily the best £400 we spent.