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Don't Get Tripped Up by hidden fees
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You've found the dream home and secured a pre-approval for a mortgage. But there's a crucial step before you move in: understanding the hidden fees that can trip up even the most prepared homebuyer. We want to ensure you have a smooth and transparent journey to homeownership.

 

Here's a breakdown of the common hidden fees to watch out for:

  • Valuation Fees: Obtaining a valuation on your desired property is standard practice.  However, some lenders charge a flat fee, while others base it on the property value.  This can lead to a nasty surprise for those eyeing a pricier home.
  • Mortgage Arrangement Fees: These fees cover the lender's cost of setting up your mortgage.
  • Early Repayment Charges (ERCs): Some mortgage products come with ERCs if you decide to repay the mortgage before a certain period.  These fees can be a significant chunk of your remaining balance.
  • Legal Fees: Solicitor fees are inevitable, covering searches, conveyancing, and legal checks.  While some lenders offer fixed-fee solicitor panels, getting quotes from independent solicitors can often save you money.
  • Home Insurance: Buildings insurance is often mandatory for most mortgages.  However, lenders may have specific requirements or offer their own insurance products.

 

How to Avoid Hidden Fees

  • Read the Fine Print: Take your time to understand all the fees associated with your chosen mortgage product.
  • Ask Questions: There are no silly questions when it comes to your finances. We are here to guide you, so don't hesitate to ask about any fees you're unsure about.
  • Use a Mortgage Adviser: We can navigate the complexities of different products, find the right deal for your circumstances, and ensure there are no hidden surprises.

 

By understanding these hidden fees, you can embark on your homeownership journey with confidence. Get in touch to chat about the homeownership journey on 0345 2185211 or info@justmortgages.co.uk.

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

Just Mortgages is a trading name of Just Mortgages Direct Ltd, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Approved by The Openwork Partnership on 02/07/2024