What it costs

Interest

The interest rate at Church Mortgages Direct is variable. Click Here to see our current rates.

Should the rate change, we will notify you of the new rate and your new repayment amounts.

Fees

The cost of applying for a mortgage consists of:

Valuation of the property

Legal fees

Arrangement fee

Valuation of the property

A professional, independent valuer must give a valuation of the property. We have already negotiated preferential terms with some firms on your behalf. The cost of this must be paid by the borrower direct to the valuer. If you wish to use a different firm, the Bank must approve them before the report is requested.

Legal fees

To provide the security for the mortgage, the Bank’s solicitor needs to verify the ownership of the property and any statutory limitations or restrictions. The cost of this legal work is payable by the borrower, but in the case of a property purchase may be reduced by the work being undertaken by your own solicitor. This will vary with the complexity of the type of property and the transaction.

Arrangement fee

To cover the cost of the work undertaken by the Bank, an arrangement fee is payable prior to borrowing the money. This consists of a small, non-refundable fee to cover immediate expenses and the balance becomes payable when you accept our offer of a mortgage.
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