These are also known at Survey Fees. The cost varies
considerably according to (a) the price of the property
(b) the type of valuation.
There are three types of valuation:
| (i) |
Valuation for mortgage
purposes - There is no liability from the valuer
to you on this valuation. He is working for the
lender, although you do get a copy of the report. |
| (ii) |
House Buyers Report -
This is a much indepth valuation and gives you limited
legal protection. |
| (iii) |
Full Structural - This
is very expensive but gives you the highest level
of protection legally from errors by the Surveyor. |
| Example Costs: |
| Purchase Price upto: |
Valuation |
House Buyers |
Full Structural |
| 50,000 |
160 |
300 |
By Negotiation |
| 100,000 |
195 |
375 |
|
| 150,000 |
225 |
405 |
|
| 200,000 |
255 |
455 |
|
| 250,000 |
285 |
505 |
|
| 300,000 |
315 |
555 |
|
Other Lending Costs
Sadly the charging of arrangement fees is creeping back
into mortgage schemes. Often a very low interest rate
has a fee attached to it, which allows for the lower
interest rate to be charged. It is important to take
this charge into account when considering a scheme.
They are generally charged on Fixed and Capped Rate
Mortgages and fees vary from £150 to a massive
£495. Some are paid up front, others are added
onto the mortgage.
Unfortunately a few lenders charge these on very low
variable rates too, but not all schemes have arrangement
fees.
YOUR
HOME MAY BE REPOSSESSED IF YOU DO NOT
KEEP UP REPAYMENTS ON YOUR MORTGAGE.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME.
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