Mortgage Product Fees

Should I pay a mortgage product fee?

A mortgage product fee is charged by your lender. Paying a product fee will often secure you a better rate. Your mortgage broker will calculate this for you and will let you know if you will be better off with a fee paying mortgage or a fee free mortgage product.

How can paying a fee save me money?

Paying a fee will often result in a better interest rate.  If the savings that you will make outweigh the cost of the fee then this will save you money.  If  paying a £999 product fee saves you  0.5% interest over 5 years on a £250000 mortgage then this is money well spent. If you are borrowing a smaller amount of less than £150000 then it is likely that a fee free mortgage will be better for you.

Can I add this fee to my mortgage?

In most cases you can add lender fees to your mortgage balance. You will pay interest on this amount so it is important that this is included within your overall cost calculation.

Can I get a fee free mortgage?

There are many fee free products available. Your mortgage broker will always recommend a fee free product unless  it is financially beneficial to take a fee based product. If you require a specialist product such as shared ownership, adverse credit or a high loan to value mortgage then a fee free mortgage may not be available.

Not sure what  to do?

Don’t worry, your mortgage broker will guide you through this and recommend the best option for you. To get help from our broker team please enter a request below:

By completing this form you will receive a phone call from our mortgage adviser who will be able to provide you with a full quotation and advice.

    Now that you have filled in this form why not find out more about us?

    What we do:

    • Search the whole marketplace for the best options available for you
    • Offer completely unbiased mortgage advice across the whole market
    • Home buyer mortgages
    • Remortgages
    • Buy to let mortgages
    • Equity release – expert advice for later life borrowing
    • Life insurance

    What we don’t do:

    • Pay your mortgage – if you do not keep up on your mortgage repayments, your home may be repossessed.

     

     

     

     

    Back to articles
    Mortgage Product Fees