Along with paying the deposit, the monthly repayments and possibly the stamp duty, there are other costs that you may need to consider when getting a mortgage to buy your home.
Fee or charge
Arrangement fee
What's it for?
Also known as the product fee, the arrangement fee is for the mortgage product and can usually be added to your mortgage (though it will also accumulate interest)
Average cost
£0 - £2,000+
Fee or charge
Booking fee
What's it for?
The booking fee is charged for applying for the mortgage. Many lenders include the booking fee as part of the mortgage, but it can also be a separate charge
Average cost
£99 to £250
Fee or charge
Valuation fee
What's it for?
The fee the mortgage lender may charge to value your property. Some lenders charge on top of their service, while others include it for free
Average cost
£0 - £1,500
Fee or charge
CHAPS (Clearing House Automated Payments System)
What's it for?
Also known as telegraphic transfer fee, CHAPS is when you pay for your mortgage provider to transfer the money to your solicitor
Average cost
£25-£50
Fee or charge
Mortgage account fee
What's it for?
This is the cost of the lender’s administration fees
Average cost
£100 - £300
Fee or charge
Missed payments
What's it for?
Some lenders charge a fee if you miss a mortgage payment
Average cost
Dependent on the lender
Fee or charge
Mortgage broker fee
What's it for?
If you use a broker, there may be a fee involved for the service. Some brokers charge while others are free
Average cost
Around £500
Fee or charge
Early repayment charge
What's it for?
The early repayment charge is the cost of repaying your mortgage early. Not all lenders command an early repayment charge
Average cost
Percentage of the mortgage
Fee or charge
Exit fee
What's it for?
The fee to the lender for repaying your mortgage. If you previously paid a mortgage account fee, it’s unlikely that you’ll need to pay an exit fee
Average cost
£75 - £300