AMS


Advanced Mortgage Services Ltd is an appointed representative of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Advanced Mortgage Services is registered in England. Company registration number 4751565.

Cherry Tree House, 20 Inverleigh Road, Bournemouth, Dorset, BH6 5HA.

Advanced Mortgage Services Ltd website is only for the use by UK residents & is subject to the UK regulatory regime.


David Hindmarch

Mortgage & Insurance consultant

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Mortgage Adviser Fee


The benefits of using a mortgage adviser can be many fold, this starts with an in depth assessment of your current circumstances and your present and future needs. From this can be established your borrowing potential from a large cross section of lenders including banks and building societies. We can then search the whole of the mortgage market using computer software updated daily and cross checked with the lenders details for a suitable product to meet your specific needs. Very detailed key facts illustrations can then be produced to provide you with full mortgage information. We also establish the lenders requirements in regards to affordability, documentation requirements and we can assist you with the application process and gathering and submission of these documents. We will then liaise with the lender, estate agent, surveyor, solicitors and yourselves to ensure you are kept informed and highlight any potential issues that may arise.

 

The fee charged covers all these services and is detailed at the initial stage and will be part of the information on the key facts illustration. It will normally be 0.5% of the mortgage amount but will be reduced by any fee paid by the lender for arranging their mortgage product. This effectively eliminates the bias towards a lender paying the highest commission.


For example: £100,000 mortgage x 0.5% = £500 less fee paid by lender x 0.35% = £350 so total amount charged on completion is £500 - £350 = £150. This fee is charged on completion of the mortgage.


Solicitors


Solicitor fees are separated in to 2 different sections, that which the solicitors charge for their services and then the disbursements. The disbursements are costs such as local search fees, land registry and title fees.  As a general rule the disbursements should not vary greatly from firm to firm as they are paid to third parties such as local government.  The solicitors own fees can vary substantially and it is advisable to get several quotations before committing to a specific solicitor.

This said you should always choose a solicitor who you feel confident with and is willing to explain the process of purchasing and any issues that may arise. Total fees will be dependent on the type and value of the property, if there is a mortgage involved and whether the property is freehold or leasehold. Total cost for these fees is likely to be between  £500 - £1000.


Stamp Duty

Stamp Duty is a tax payable at time of purchase of a property and varies depending on the value of the property.

Following the Budget a new stamp duty rate has been introduced for the most expensive homes. From 21st March 2012 the new stamp duty rate of 7% will be applied to the sale price of a house if the figure exceeds £2 Million pounds.



Stamp duty rates for 2012.


What Will It Cost Me? Home

Mortgage Home

£0

£125,001

£250,001

£500,001

£1,000,001

£2,000,001



>£125,000    =0%

>£250,000    =1%

>£500,000    =3%

>£1,000,000  =4%

>£2,000,000  =5%

>                 =7%

Your home is at risk of repossession if you do not keep up repayments on a mortgage or any other loans secured on it and you should think carefully before securing any debts on your home


In regard to residential mortgages we normally charge a fee of 0.5% of the loan. This fee will be reduced by any commission received from the lender typically 0.35%. Fees would become payable on completion of the mortgage.

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