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Mortgage Fees

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Mortgage Valuation
This is a fee that the mortgage company will charge a buyer to have a representative from their company, or from a company they outsource the work to, to check your property. Many people think this is a form of 'survey', but it isn't and does not protect you if something goes wrong with the property.

Mortgage Indemnity Premium
This is charged to a buyer by the mortgage lender typically for people buying a property with only 10% or less cash as a deposit. The mortgage indemnity premium is an insurance policy for the mortgage lender in case you default on your mortgage. However, the cost of it will often be passed on to you by the mortgage lender. It can run into thousands, so make sure you check if you have to pay it.

Arrangement or Administration Fee
This is sometimes charged by the lender to buyers to organise the mortgage. It maybe that you are taking out a fixed fee mortgage or special deal. Beware, sometimes these charges are so high, it negates the 'better value' deal they may offer you. Some mortgage brokers may charge a similar fee for accessing and using their services.

Booking Fee
This is similar to the above, but more likely to be for a limited offer mortgage deal such as a special interest rate or cash-back type mortgage.

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