Your Circumstances

Commercial Loans

Buy to let

Bankruptcy

Self Employed

Arrears & CCJs

First Time Buyer

No Income Proof

Second Mortgage

Remortgage

Planit Mortgages' service is absolutely Free!

There are however costs associated with taking out a mortgage, we take all these costs into account when choosing the right mortgage for you.

Higher Lending Charge

This is usually a one off premium that borrowers may be charged when taking a mortgage. It is generally payable when the customer wants to borrow a greater percentage of a property's value than the lender would normally allow (usually above 75%). The premium pays for the lender to insure against potential losses should the house be repossessed and sold for less than the outstanding mortgage.

Many lenders carry the cost of this insurance themselves and it is important to be aware that the insurance protects the lender, NOT the borrower. Irrespective of who pays the premium (lender or borrower) the INSURER providing the cover retains the right to pursue the defaulting borrower for any loss made as a result of a lender's claim on the policy.

Legal Fees

In many re-mortgage schemes a free legals package is offered. The cost of this service would normally be in the region of £450 so this could be quite a saving.

However, to qualify for this service the mortgage has to be like for like. The only change that will be excepted is the raising of additional funds.  The solicitor will be assigned to your case and all correspondence will be dealt with by post.

If changes are being made to your mortgage you will be advised to contact your own solicitor or we are able to recommend a solicitor if required.

Stamp Duty

Your solicitor will advise you about the stamp duty payable on the property you are purchasing. However this is something that you may wish to take into account when arranging how much you will need to borrow on the mortgage.

• Stamp duty is charged at 0% on properties less than £125,000
• Stamp duty is charged at 1% on properties between £125,001 and £250,000
• Stamp duty is charged at 3% on properties between £250,001 and £500,000
• Stamp duty is charged at 4% on properties of £500,001 and over

Other Charges

Fee mentioned is nearer £125 than £75 and the electronic transfer fee is £35

Types of Valuation (Survey)

There are usually 3 types of survey. The first one is a basic survey which only confirms the property value and good saleability   There is often no charge for this, but it is purely for the lender to confirm that the property is worth the money they are lending on it.

The second level of survey is often called a Home Buyers report.

This will not give a detailed inspection therefore there is no comeback on the lender if at a later stage you discover some major faults in the property. This would not be recommended for properties over 150 years old.

A more detailed survey is recommended by the lender as this will highlight any problems such as subsidence or roof damage. These can be very costly problems and you may wish to re think about purchasing the property. It can also mean that if you still wish to proceed with the purchase your solicitor may be able to negotiate a reduction in price to cover the cost of repairs.

This type of survey would normally be recommended for those properties such as Listed buildings, older or unusual buildings or those with extensive renovations. All major and minor faults will be highlighted with estimated repair costs and whether any special reports are needed. 

Its your choice

“We do not usually charge a fee for mortgage advice. However you do have the option to pay a fee of eg: 1.5% of the loan value and then you would receive any commission payable by the lender."

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgage Products

Repayment

Interest Only

Variable

Discounted

Capped

Fixed

Cash Back

Flexible

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