Private mortgages

Often, the “bank of Mum and Dad” is used to fund first time buyers, due to the difficulty of getting mortgage loans from banks and building societies. In such cases, often all the lender wants is –

  1. a note signed by the borrower, agreeing to the terms of the loan and its repayment – “a promissory note” – and
  2. a mortgage (or charge) over the property being bought to ensure it cannot be sold without the loan being repaid.

In such cases, assuming the borrower has his or her own conveyancer acting in the purchase, our charge would normally be about £300 +VAT

Where the lender wants more detailed investigations carried out and greater protection, or where the borrower already owns the property, the fees and expenses will ge similar to the fees and expenses for a re-mortgage, as  here

1 Comment

  1. Philip H

    Apparently (according to the Guardian today) 66% of first time buyers can only afford to buy a home can only afford to do so because they get help from their parents.

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