Ltd Co Mortgage Fees 2%!!!!!

[derekandlewis_hotmail_com]

Just getting my first mortgage as a Ltd Company and the cost to take out the mortgage is 2% of the mortgage (£5k+ in my place + various others fees taking it to £6k).

Pretty shocked by this but been advised it is pretty standard.

Would be interested if other's could confirm this is before I pay so much money.

 

[Stuart Phillips]

Its all releative to the amount you are borrowing. Really the only consideration is how much you will pay the lender in interest and fee's in the period you are committing to. On a £75k mortgage that 2% fee seems pretty reasonable given the default seems to be a £1999 fee. Conversely you might end up paying more in total interest on a deal with no fee than one with.

The broker should be showing how this deal is the overall cheapest that meets your circumstances, rather than going for the one with the lowest rate or the lowest fee.

 

[Jade Dragon]

where have you found a mortgage for a LTD company as many i have spoken to are only interested in over 100k mortgages!

 

[Stuart Phillips]

That was in August. Things were very different!

I'm still doing limited company mortgages, but it's much harder and not everyone gets a deal. I think it will be like this will into next year.

[Lilla D]

Update in Jan23 - just done a search in one of our broker systems for lenders' minimum mortgage amount and dozens came up with a figure below £100k even for Ltd companies. Worth speaking to a broker to find the best option for you, Jade