What other fees might I incur?
A valuation fee – a report, following a visit to the property, sent to the lender. Cost depends on the type of property and the value of the property.
Legal fees – payable to your own legal team along with the lender’s legal fees.
Redemption penalties – a fee payable to the lender if the mortgage is paid off before the agreed term, however most mortgage options that we arrange will allow an element of overpayment without incurring any penalties
You may decide to pay or cancel a fixed interest rate loan and, therefore, there may be a breakage cost in addition to other fees such as redemption penalties.
Up to 10% of the outstanding loan amount can be re-paid in any 12 month period without incurring any repayment charges (for most lenders).
Finders fee – many brokers charge for finding commercial mortgages. A fee of, typically, 1 % of the loan value. Payable once the broker has produced a loan offer at terms you have pre-agreed with them.
Commercial Mortgage Guide
- What is a commercial mortgage?
- When are commercial mortgages applicable?
- Who can apply for a commercial mortgage?
- What is the Funding for Lending Scheme?
- Where can I find the best deals?
- Can I mortgage leasehold and freehold properties?
- What are typical arrangement fees?
- What other fees might I incur?
- What are the benefits of using a broker?
- What is the typical loan to value ratio (LTV)?
- Why can't I find a table of rates?
- Which properties qualify as commercial?
Just to let you know that we did complete the deal earlier today after 5 months of effort. A thank you to all at Charleston for your help and persistence with this matter.