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Your lender will insist that your property is insured whilst your mortgage is outstanding. If your property is 'freehold' (that is, you own it outright), you'll certainly need to protect it against major damage such as fire and structural damage. If the property you buy is leasehold the insurance of the building is usually arranged by the freeholder. You'll want to protect your home's contents as well. Again, we can help you to arrange these types of insurance.

Costs and Charges


What does it cost to buy a home?
You will want to work out how much you can borrow and we will help you to calculate this. You also need to know about the various costs and charges associated with taking out a mortgage and buying a home.

The following is a brief summary of the costs involved:

  • Deposit - Although lenders can offer mortgages up to the full purchase price of the property, it is usual for the borrower to contribute some of the amount. This is known as the deposit. The size of the deposit will affect the amount you need to borrow and the cost of your loan.

  • Solicitor's fee - The amount your solicitor charges for 'conveyancing' will depend on a number of things including the value of the property. Ask your solicitor for a quote and for advice on fees for acting for the lender, which your solicitor should normally be able to do.

  • Finding a Solicitor - Having a solicitor in place at the beginning of the process will help things progress quickly when you have found the property you wish to buy. If you don't have a solicitor, we can help you find one in your area.

  • Local authority search fee -This is an application to the local authority for information about the property, and any planned developments which could affect your home. This fee is usually paid through your solicitor.

  • Land Registry fee - The Land Registry is a central record of land ownership.You must pay a fee to register yourself as the new owner. The cost depends on the price of the property. This fee is normally paid through your solicitor.

  • Stamp duty - This is a one-off tax payment and is based on the purchase price of your home. We can give you information on how to calculate this payment. This is paid through your solicitor.

  • Valuation and surveys - Your lender will want to check the condition and marketability of your chosen home. They will use a qualified surveyor to assess these things and provide a current valuation. The fee for this is based on the property purchase price. This type of survey, known as a valuation report, is arranged for the lenders benefit.For an extra fee, you can get your own more detailed report, called a Homebuyers report, from the lender's surveyor. For much older properties, or those with defects, a full structural survey may be a good idea. This costs more again, but gives you a detailed report on the structural condition of the property.

  • Buildings and contents insurance - This is insurance of the property against fire and other risks that will normally be a condition of the mortgage loan.You may also want to insure your contents. Again, the lender, or we, can help you work out the cost and can give you a competitive quote from our panel of insurers.

  • High Percentage Lending Fee - If you borrow a relatively-high percentage of the value of the property (usually over 75%) your lender may want a one-off insurance premium. This varies from lender to lender, some lenders have decided not to enforce this requirement on loans of up to 90%, or even 95% of the property value. This insurance does not protect you but insures the lender in the event that your property is repossessed.

  • Removal expenses - These depend entirely on the quantity of possessions you have and the distance involved, and vary greatly between firms. Get several quotes

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