Fee Comparison

Wondering how much it really costs to buy a house? What many people are surprised by is how many costs are part of the typical process. At Allbricks, we've tried to simplify the process to ensure you only pay the necessary fees. To give you an idea of how Allbricks compares with a traditional mortgage read on.

Mortgage

Allbricks

Broker Fee
Some brokers get a fee from the mortgage company to cover costs and others ask for a fee to fix your mortgage.

Mortgage

Where you do pay a fee, it can be anything from a fixed fee of £300 to 1% of the loan amount.
On average, you can expect to pay £500.

Allbricks

£0

Booking Fee
Some lenders charge you to secure a mortgage. It’s typically non-refundable even if a property sale falls through. This is often combined with an arrangement fee.

Mortgage

Typically, this ranges from £100 to £250.

Allbricks

£0

Arrangement Fee
Also called the completion fee or the product fee, this is the cost charged for the mortgage to be set up.

Mortgage

This varies depending on the value of the property. It can cost over £2,500. Expect to pay a fee of at least £1,000 to secure an attractive rate.

Allbricks

We charge an Allbricks Transaction Fee of 5% + VAT for the initial investment. E.g., On a deposit of £10,000 this would be £600.

Valuation Fee
This covers the cost to confirm the property's value.. Don’t confuse this with the cost of doing a proper in-depth homebuyer’s survey or a structural survey which is for your benefit, not the lenders.

Mortgage

The cost of the valuation varies according to lender and purchase price and typically ranges from £100 - £1,500 depending on the property's value.

Allbricks

We use a similar independent RICS valuation process. Budget for around £300.

Higher Lending Charge
Not a typical requirement, but can be charged if you have a small deposit. This pays for the lender’s insurance if you can’t pay back the mortgage and they have to sell your property at a loss.

Mortgage

If applicable, this is usually 1.5% of the mortgage.

Allbricks

£0

Telegraphic Transfer Fee
Also known as CHAPS, this is a charge by your bank to cover the cost of transferring the money used to buy the property to the seller’s solicitor. Typically non-refundable.

Mortgage

Typically ranges from £25-£50

Allbricks

£0

Mortgage Account Fee
The administration cost for your mortgage company to maintain and close your mortgage. Charged either at the start or the end of the mortgage.

Mortgage

Typically ranges between £100-300

Allbricks

£0

Missed Payment and Arrears Fees
If you miss a payment on your mortgage, you’ll likely be charged by your lender.

Mortgage

Lenders can charge you to inform you of a late payment or add penalties. Falling into arrears can have negative affect on your credit score.

Allbricks

£0

Early Repayment Charges

Mortgage

Typically 1-5% of the value of the early repayment.

Allbricks

£0

Exit Fees

Mortgage

Typically £75-£300

Allbricks

£0

This is a typical scenario, though each homebuyer’s situation is unique and may differ according to circumstance. Any figures quoted are simply for the purposes of demonstration.

References.