Mortgage Information > Extra Costs > Other Costs

There are certain other fees that need to be taken into account:

Mortgage arrangement fee
This a fee which is charged in some instances by the mortgage lender. Usually an arrangement fee is only payable on a "special" deal such as a fixed or discounted rate, although some banks and building societies do charge arrangement fees on all types of mortgages and remortgages. If an arrangement fee is charged, it will usually be no more than £400 and can either be paid up front or added onto the loan.

Basic Valuation
This is usually the minimum that is required by the mortgage lender before they will proceed with the mortgage or remortgage. This type of survey gives very little information about the state of the property and so is not normally recommended for older properties. The cost of a Basic Valuation is usually around £100-£500. Again, this is something which the lender will sometimes pay, for example as part of a special deal for remortgages or first-time buyers.

A more detailed survey is recommended, espessially for older houses, these can be more expensive.

Completion Fee
A lender may charge a completion fee, this is usually charged when the money is transfered.