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Hidden Costs of Moving Home

Wed, 12 Jul 2006
Mortgage lending is high and borrowers should be aware of the 'hidden' costs that can make a dent in the bank balance .

Leading mortgage brokers are advising borrowers to be wary when entering the mortgage game. Mortgage lenders want to make money and they tend to sting borrowers for all sorts of 'hidden' costs.

Buyers get so excited with buying their new home they are not aware of these hidden costs.

Exit fees for leaving your existing mortgage can unfairly penalise consumers. They cost about £195-£295.

Higher lending charges apply to borrowers who have not put down a big deposit. Lenders charge them on loans of over 90%. However, first time buyers do not need to make do with higher lending charges any more as lenders are bringing out some fantastic new products for those wanting to borrow upto 100%.

Stamp duty is of course another cost, with properties priced at different thresholds. Homebuyers also need to consider solicitor and survey fees.
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