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Mortgages - Costs Associated With The Property


Properties are money pits. Before you even start throwing money into decorating and furnishings, and prior to getting the keys, there are some extra costs to budget for:

You’ll need to feel confident that the property you are buying hasn’t got any nasty surprises lurking in the brickwork, foundations or woodwork. The compulsory mortgage valuation report won’t go into details. It will simply tell the lender that if you default on payments, they will be able to get their money back. So, for peace of mind, it’s advisable to appoint a professionally qualified surveyor to conduct a more detailed survey.  There are two types to choose from - a Homebuyers Report or a Full Structural Survey.

Homebuyers report

Costing from about £250, depending on the size of your property, a homebuyers report will give you a good indication of the state of the property and its level of repair and maintenance. It will encompass all visible parts of the property, such as the condition of the roof.  The report will also advise whether the surveyor recommends any further specialist surveys.  If you uncover major faults, the survey will enable you to negotiate with the seller for a reduction in price or for them to carry out the repairs before you move in.

Full structural survey

Costing between £300 and £1,000, depending on the size of the property, the Full Structural Survey is the most comprehensive – and the most expensive.  The surveyor will check the property thoroughly, looking at everything that is visible or easily accessible to examine the soundness of structure, its general condition and all major or minor faults.

If you would like this sort of detailed inspection, the surveyor carrying out the mortgage valuation for the lender can usually conduct a homebuyers report or full structural survey at the same time. Combining the two could save you money. 

Legal costs
Stamp duty
Mandatory insurances

Your home may be repossessed if you do not keep up repayments on your mortgage.

We typically charge £395 for arranging a residential mortgage payable on completion (if the fee is higher than this we will confirm it to you at the outset), we will also recieve commission from the lender.

For a Buy to Let Mortgage we typically charge 0.5% of the mortgage amount, the exact amount will be confirmed to you at the outset

For commercial mortgages we typically charge bewteen 0.5% and 1%, the exact amount will be confirmed to you at the outset

The information contained below does not constitute advice or a recommendation and the user should seek advice if in any doubt prior to making an application


 
Mortgage Brokers In Harrow
 
Contact Annis Financial
Contact Annis Financial
Do you require expert mortgage advice?
Call us today on 020 8861 0719 
Email. annisfinancial@aol.com
We are always happy to help and assist you... 

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YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

For residential mortgages we typically charge a fee of £395, the fee will be agreed with you before we commence any work

For Buy to Let mortgages we typically charge a fee of £495. For commercial mortgages we typically charge a fee of 0.5% to 1% of the mortgage and this will be confirmed to you at the outset, for example on a mortgage of £100,000 a 0.5% fee equates to £500 and a 1% fee equates to £1,000

The Financial Conduct Authority does not regulate conveyancing and some aspects of buy to let mortgages.

Annis Financial Management Ltd is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register No. 300242 at *www.fsa.gov.uk/register/home.do
Annis Financial Management Ltd is a credit broker and not a lender

Annis Financial Management Ltd registered in England & Wales No. 5018735. registered address 116 Elm Drive, Harrow, HA2 7BZ The Guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

Where you have a complaint or dispute with us and we are unable to resolve it to your satisfaction then you may have access to the Financial Ombudsman Service. Please see the following  link for further details *http://financial-ombudsman.org.uk

*You are leaving the web site of Mortgage Advisers in Harrow and about to view the content of an external website, Annis Financial Management cannot be held responsible for the content of external web sites.


Call us today on 020 8861 0719
Email. annisfinancial@aol.com

Annis Financial Management Ltd
116 Elm Drive Harrow, London HA2 7BZ
Phone: 020 8861 0719
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