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It is normally necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or re-mortgage transaction. You need to build in the cost of having this service to your budget as it can be considerable. Some mortgages will cover your legal fees as a special offer.

Booking or Arrangement Fees
These fees are upfront extra fees normally on mortgage deals which reserve the finance on limited offers and line the pockets of the lenders a bit more for no real reason. Booking fees are often non-refundable, if you decide not to go ahead, you lose your fee.

Insurance
You cannot buy a property on a mortgage without it being insured and so it is important you have insured the property before you purchase it. Your lender will want to see evidence of this before you complete. You don’t need contents insurance as well but it is advisable to look into a comprehensive buildings and contents policy at the same time to cover the contents as well as you may be able to get a better deal.

Other types of insurance you might want to consider depending on your personal circumstances are mortgage payment protection plans that pay out if you are unable to meet the payments through injury or sickness. This form of insurance has become more important as the Department of Social Security has steadily withdrawn the benefits available, but it is not compulsory.



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