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.
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Buying a home for the first time
High property prices have made it difficult for many people to afford to buy a home. This may be a particular challenge for you if you are a first time buyer, as you will have many one-off initial costs. These could include
You’ll need to have a deposit to be eligible for a mortgage. The larger the deposit you have the lower the mortgage interest rate is likely to be. This then makes your monthly mortgage payments lower. Many deposits are provided by parents helping their children to get onto the property ownership ladder but saving consistently yourself also shows that you are able to manage your finances well and will be looked at favourably by the mortgage lenders.
A valuation fee is charged by a mortgage lender to have the property valued. This is to check that the valuation price is approximately correct and that the property would be suitable to secure a mortgage on. This is not a survey and should not be relied on to pick up faults on the property.
This fee is approximately 0.3% to 0.4% of the property value for example £100,000 property the fee would be approximately £300-£400. It is normally paid at time of the mortgage application and would not normally be repaid once the valuation has been carried out even if the property purchase falls through.
A survey is not required by a mortgage lender but would normally be highly recommended especially for older properties. A Survey can be combined with the lenders valuation or instructed independently. The cost for the survey will be dependent on the type and value of property.
This covers structural safety and highlights problems, including damp, as well as anything that doesn’t meet current building regulations. It takes two to four hours to complete, giving an independent and expert view on the property’s value.
This survey is for older properties and those of a non-standard construction (e.g. timber). It usually takes a day to complete, depending on the size of the property.
A building survey gives a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase. It does not include a valuation.
This is charged by some lenders on some products and is normally between £99 and £250. It is used to book funds for mortgage products and may not be reimbursable if the mortgage does not complete. It usually needs to be paid at time of mortgage application along with the valuation fee.
Most mortgage products have a fee, which some lenders call an arrangement fee. This may be in addition to a separate booking fee. This could be from £500 to £3,000 and usually depends on the lender and interest rate charged. It can normally be added to your mortgage amount on completion but you should be aware that you will pay interest on this amount over the term of the mortgage.
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.