Our mortgage fees
At a glance
Different fees apply depending on the interest rate type you choose - but here’s a simple summary. If you’re new to mortgages and there are any terms you don’t understand, take a look a look at our jargon buster for simple explanations.
A non refundable fee charged on some mortgages to secure a particular mortgage deal. A booking fee is paid for borrowing up to £400,000. If you borrow more than £400,000, the booking fee is payable for each £400,000 and for any part amount over that e.g. if you take a fixed rate mortgage with a booking fee of £725 and borrow £600,000, you pay a booking fee of £1,450.
|£0 - £725||£0|
An Arrangement Fee is a fee which is payable when your mortgage is drawn down or you can choose to add this to your loan. If you choose to add it to your loan, this will increase your mortgage balance, the interest you pay and your monthly payment. The amount of the Arrangement Fee may vary depending on the product chosen.
|£0||£0 - £725|
A closure fee is an administration cost to cover the costs in closing a mortgage once it has been fully repaid. Where a customer wishes to transfer their rate to another property and the sale and purchase complete simultaneously, the closure fee is waived.
The ability to transfer a mortgage rate to another property is subject to status and first direct’s lending policy and assessment criteria at the time of the request.
|£0 - £149||£0 - £149|
For our Fixed Rate Mortgages, a booking fee is paid for borrowing up to £400,000. If you borrow more than £400,000, the booking fee is payable for each £400,000 and for any part amount over that e.g. if you take a fixed rate mortgage with a booking fee of £725 and borrow £600,000, you pay a booking fee of £1,450.
A repayment mortgage of £142,000 payable over 30 years and 9 months initially on a fixed rate for 2 years at 2.34% and then on our current variable rate of 3.94% (variable) for the remaining 28 years and 9 months would require 24 monthly payments of £541.72 and 345 monthly payments of £657.13.
The total amount payable would be £239,711.13 made up of the loan amount plus interest £97,711.13.
The overall cost for comparison is 3.8% APRC representative.
The above representative example is based on the highest APRC applicable to an average customer. Please note your actual costs and monthly repayments will vary.
Early Repayment Charges
If you are remortgaging a property in England, Ireland, Scotland or Wales then in addition to arrangement fees and/or booking fees you will need to pay for a valuation. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees.
If you are changing the owner(s) of the property you're Remortgaging you will need to pay for the associated legal costs that come with this.
Where the mortgage and property will both continue to be in the same names and the property will be your main residence, we will prepare the legal documentation. This means that there will be no basic solicitors costs for you to pay. However you will not have any legal representation unless you arrange and pay for it yourself.
If you are transferring your mortgage to first direct from another mortgage provider, they may charge an Early Repayment Charge if you are moving during a fixed rate or "tied-in" period.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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