Fees
Survey Fee
At the start of your application a survey fee will be payable in order that we can assess the value of the property you are offering as security. Typically survey fees are calculated as 0.2% of the property value. Once we have approved your application in principal we will notify you in writing how much this will be. When the survey has taken place the survey fee is not refundable.
Good Faith Deposit
Once we have received your signed application and given you a firm offer we will require a good faith deposit to cover the lender's costs of completing your application. The good faith deposit (GFD) is currently £500 on loans up to £250,000 and £1,000 on loans over £250,000. This sum is refundable on completion and non-refundable if you decide not to proceed. This amount is deductable from the lenders completion fee when you complete your loan.
Lenders Completion Fee
On completion the lender will deduct their fee of 1.5% of the total loan advance. This will be separately shown on the loan offer and is only payable if you complete your loan with us.
Arrangement Fee
On completion the lender will deduct our fee of 2.00% (minimum fee £2,000) of the total loan advance. This will be separately disclosed to you in writing and is only payable if you complete your loan with us. We charge no fee if you do not complete your application with us.
Legal Fees
If you are re-financing for under £350,000 you now don't need seperate legal representation, as the lenders solicitors will act for you as well at no extra cost. When re-financing over £350k or purchasing a new business, you will be responsible for your own solicitors cost. We recommend you select a solicitor from our panel we will arrange for them to provide a quotation before you commit yourself to any work being carried out on your behalf.
Full details of the fees payable on all the loan plans we offer are contained in your loan agreement. If you are unsure of any of the terms you should ask your solicitor for a full explanation and appropriate advice.
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