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Mortgage set up fees

Purchasing a home is always costly, but the prices between providers and products can vary greatly.

Your mortgage adviser will give you a Key Facts Illustration (KFI) and a Key Features Document (KFD), which will summarise the contract and all the fees you must pay. These should be in an easy-to-understand format.

However there is much more to consider in the cost of setting up a mortgage than just the deposit. It is likely that there will be charges for each of the following:
• Deposit
• Stamp Duty
• Mortgage Arrangement Fees
• Legal Fees
• Building or Homebuyers survey
• Land Registry Fees
• Local Authorities Search
• Mortgage Indemnity Guarantee

Added together these could be as much an extra 25 percent of the deposit price on top, meaning they must all be properly reviewed and taken into account before a mortgage is agreed, otherwise the borrower may no longer be able to afford the deposit.

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