Lets face it, no one likes paying a charge if they dont have to. And when it comes to mortgages, where the expense can already be onerous, avoiding fees can seem like a good idea. But is it possible to get a mortgage without paying any fees? The answer is – almost certainly not!
Even if you manage to avoid a fee for one part of the mortgage transaction, it is likely that you will be charged one for another part.
There are fees when you are seeking a mortgage: an arrangement fee (or booking fee) is charged by many lenders at the point at which they originally lend you the mortgage amount. At the time of writing (7 August 2007) all of the top 10 three year fixed-rate mortgages for house movers include a start-up fee. These range from 215 to 999 for a 150,000 mortgage. You will also have to obtain a property valuation (or survey) and there will be a fee for this, although it is not strictly part of the mortgage. Even if you get the survey carried out independently of the lender you may still be charged a valuation administration fee to cover the lenders administration expenses.
If you are borrowing a large amount relative to the value of the property...
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