When a Broker acts for a Client it is standard market practice for the firm to be paid a Broker Fee from the Client and also receive what is known as a ‘Procuration Fee’ when the mortgage completes. This is in addition to any commission which is due on any insurance / protection products purchased.
At Ela’s Finance, we operate on a fully independent basis which means that we can obtain great value financial products for you which can potentially result in thousands of pounds of savings for you over the mortgage term.
In line with our commitment to doing the best we can for our clients, we offer a free, no obligation initial meeting to discuss your requirements in more detail so we can establish how we can help. At the end of the meeting we will let you know if we are able to assist and will advise you of any Broker fee that will be charged for dealing with your case.
We will make sure that any procuration fee paid by the lender or commission paid by an insurance company we recommend in relation to the products you take are all fully disclosed to you in advance so that everything is clear. These payments do not alter the amount you pay as they are automatically built in to the quotations which are given by Lenders and Insurance companies but we will always tell you what is to be paid by them to us so that everything is transparent to you as our customer.
Stamp Duty Land Tax (SDLT) is a tax which is levied by the Government when property in the UK is purchased. It is paid by the purchaser of the property.
The amount of Stamp Duty due will vary depending on the price of the property, whether this is your first purchase and also if you own other properties already and will hold more than one after the purchase has gone through. If additional properties are owned then a percentage surcharge is also levied which will inflate your cost.
To find out how much Stamp Duty you will need to potentially pay, click on the Stamp Duty Calculator button below and once completed it will let you know what the cost will be (please note that this calculator does not cover commercial property purchases where the purchase price is subject to VAT).
This will depend on the type of mortgage product that you choose but usually a preferential mortgage rate product may have a ‘Product fee’. The amount of this will be linked to the type of product and we will advise you in advance what the associated costs will be. We will be happy to provide costings for your individual case, including the level of any Broker fee to be charged, so there are no surprises at any point in the process.
In terms of other costs, you will need to pay for your legal fees and survey fee although some lenders may cover the cost of that for you depending on what type of product has been recommended after taking into account your situation. Local Authority Search fees and other disbursements will also be payable to your Solicitors as well as Stamp Duty Land Tax (SDLT).
To find out how much the Stamp Duty will be on your purchase, please click on the button below to use our Stamp Duty Calculator.
This will depend on a number of factors such as how quickly you are able to provide the information needed and how long it takes you to find a property.
Getting an Agreement in Principal involves discussing your mortgage requirements and you providing the information requested – the quicker the information is back the faster we can get the Agreement in Principal for you. Typically we will be able to obtain the Agreement in Principal within 48 hours from when all of the information has been provided to us.
Once your property has been found and the application is submitted it usually takes approximately 2 – 3 weeks to obtain the full offer once the lender has completed their valuation and checks. Some lenders will be faster than this timeframe whilst some may require more information which could add some time to the final offer being produced.
Obtaining a mortgage is likely to be the biggest financial commitment that you will enter into so it is important that a lender can satisfy themselves that the amount being applied for is affordable. We want you to get the property that you have set your heart on but also be able to comfortably afford the monthly repayments to keep you there.
Initially we will look to get you an Agreement in Principal which is an indication of the lenders willingness to lend to you. Getting this is good as it will enable you to show evidence to Estate Agents and / or Sellers that you are well prepared and are well on your way to having the money needed arranged.
From there, once you have found a property we will then process your full mortgage application. Once underwritten the lender will instruct a valuer to go out and inspect the property. Once the value has been confirmed and is acceptable to the lender a mortgage offer is then produced which is the point when the funds have been fully agreed and will be ready for your Solicitor to drawdown when the legal conveyancing work has been completed.
