It’s dependent on you, the property, your intentions and the amount of the loan.
Buying a property to do a light refurbishment will have a lower rate than a basement or loft extension.
As well as the setup fee which typically is 2% there will be a monthly interest rate, valuation fee and usually two sets of solicitors.
Normally you would appoint your own and pay for the lenders. There are some lenders who allow you to use theirs which reduces costs and speeds the process up.
If there is heavy refurbishment and you are borrowing against the future value of the property there may be additional monitoring costs as well.
There will also be a broker fee for the work involved in arranging the finance and dealing with all parties to ensure that it completes on time.
We are very transparent and will provide details of the rate and fees before you enter into any commitment.