Conveyancing solicitors fees are just one of the expenses that makes up buying a house.
If you’re in a tenuous financial position, every penny counts and you may be looking at the possibility of securing a 100% mortgage – although they largely disappeared in 2007/ 08, they are beginning to make a resurgence. This will help the property market as more first time buyers will be able to buy.
What are the advantages of having a 100% mortgage?
Conveyancing solicitors should be able to work with this kind of mortgage just like any other. The main benefit is that no deposit is required, which can save tens of thousands of pounds upfront. The mortgage itself will be 100% of the property price, plus the deposit, estate agent fees, the solicitors conveyancing fee and therefore all the costs will eventually be paid off. However, when starting out in a new home it is a great way not to have to pay out a lot at the beginning. Another advantage is that, since they require a guarantor, they are an alternative to a family member gifting a deposit.
Gifting in this way can become messy or uncomfortable and as long as you keep up your repayments, your family member won’t actually have to pay anything. They are also exceedingly useful for anyone who wants to move but who is in negative equity since the mortgage will cover the shortfall. This prevents people from being ‘mortgage prisoners’. Without a 100 percent mortgage, people in this situation may have had to continue living in the house without the possibility of moving, or attempt to re-mortgage with a high rate of interest.
Conveyancing solicitors fees, whether you intend to pay them upfront or not, can vary greatly. This is why using Conveyancing Index to compare costs can save you time, trouble, and money.
On average, those using https://www.conveyancingindex.co.uk to compare costs save £367.
If you need more information, please call on 0203 874 2020.