Extra Costs of a holiday home mortgage

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Extra Costs of a holiday home mortgage
By: SeanH-9584 , Posted On: 2007-09-03

Home > Articles > Finance > Mortgage

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If you are looking for h

liday home mortgages , you know it can s

em like a long and stressful pr

cess. When at last you find the r

ght mortgage and your dream holiday h

me finally seems within your grasp, th

re is a huge sense of r

lief. So it’s easy to forget th

t there are other costs involved. But if you d

n’t budget for all these extra c

sts, you could be in for pr

blems.

• Stamp duty. Stamp duty starts at £125,000. You w

ll be very fortunate to find a h

liday home for less than this, so you w

ll have to budget for at l

ast 1 per cent of your p

rchase price.
• Survey fees. The lender will pr

bably arrange the survey for you and w

ll add the fee to your m

rtgage. If you are arranging it y

urself, shop around for a good d

al, as fees do vary. Even if the l

nder arranges it, you are very str

ngly advised to arrange your own as w

ll, especially if it’s an old or

nusual property.
• Legal fees. Some people try to d

spense with a solicitor and do it all th

mselves. But this is very unwise,

specially for a holiday home mortgage. You may w

ll have fallen in love with the pr

perty because it’s very old, or v

ry isolated, and there could be all s

rts of legal complications you don’t kn

w about. Whether you use a s

licitor or not, you will still n

ed to pay land registry fees and l

cal authority search fees.
• Mortgage indemnity guarantee. Th

s will be added to your h

liday home mortgage if you are b

rrowing more than 75 per cent of the p

rchase price. It could be anything fr

m a few hundred pounds to a few th

usand pounds.
• Insurance. You will very likely h

ve to arrange for life assurance c

ver to go with your holiday h

me mortgage, and in addition the l

nder will almost certainly require you to h

ve buildings insurance, either with them or w

th your own insurer. Both of th

se are extra costs. And of c

urse you would be most unwise not to t

ke out a household contents policy, wh

ch is likely to be more

xpensive than the one on your m

in home.

These are all the unavoidable c

sts that go with your holiday h

me mortgage. Of course, you will

lso need to furnish and equip y

ur holiday home, but this can be d

ne at your own pace.

It’s essential th

t you budget for all these

dditional costs at the outset when you are

rranging your holiday home mortgage. Otherwise, at b

st they could come as a n

sty shock, and at worst they c

uld cause the whole transaction to c

llapse.

The article Extra Costs of a holiday home mortgage was Submitted by SeanH-9584 through Articles.GetACoder.com network. Here's the additional information: Sean Horton is a Drector of Holiday Let Mortgages who offer expert advice for Holiday Home Mortgages

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