Q. What fees are involved when taking out a mortgage?  

A. There are three main main fees involved. The valuation fee is charged upfront whihc ensure thats the property being used a security is a good state of repair. Legal or solicitors fees are payable on completion which will include stamp duty on purchases. The lender will normally also charge an arrangement fee which is normally added to the mortgage or can be paid on completion. 

Q. When does Trafalgar Square start charging fees?

A. Fees only become due when an application is submitted to the client’s choice of lender. Prior to that, all the consultancy, advice and guidance are provided free as part of Trafalgar Square’s service.

Q. If an application falls through, will my fee be returned?

A. Trafalgar Square works for a client with every intention of keeping them happy but retains the right to keep the fee if they have worked on any case for more than 10 days. However, in most instances, it is prepared to issue a client with a Credit Note to carry the fee over to the next case.

Q. With a Buy-to-Let mortgage, how quickly can a property be Remortgaged?

A. Remortgaging or a Further Advance can occur when a property has been purchased and refurbished, enhancing its value. The lender will normally allow this to happen after 6 months or earlier in certain circumstances. The Council of Mortgage Lenders recommend that lenders require 3 to 6 months between purchase and re-finance.

Q. What is the big deal about Money Laundering?

A. Money laundering is the conversion into legitimate funds of illegal money, brought into the country by individuals, organised crime or terrorists. Millions of pounds each year are laundered in the UK through financial institutions. As a result, brokers are required by law to validate every client’s identity and proof of residence.