When you are taking out a mortgage for a new property, it can already feel very daunting to borrow the amount of money the new home is worth. We are literally talking about hundreds of thousands of pounds on average here, and therefore, being persuaded to borrow even more money for little extras can seem like the final straw.
But these extras are often absolutely essential if you want the transaction to go through in the first place. The type of extras we are talking about here include hiring a reputable and fast conveyancing solicitor and a chartered surveyor to undertake a thorough inspection of the property you are looking to buy.
The full survey is vitally important, do not be swayed by the fact that many borrowers recommend just relying on the survey that is undertaken by the bank lending the money. This is a charge that is often applied to your mortgage application and represents one of the worst value for money services you are ever likely to pay for in your life.
Indeed, it is not fair to even call this inspection a survey in the first instance, it is merely a very quick scan of no more than a minute or two of the integrity of the building you are buying.
There are a range of other extras you may be forced to pay for when taking out your mortgage. These include aspects such as indemnity insurance to escape local cheeky laws that mean you are responsible for chancery repairs; Land Registry fees; and searches for potential hazards through mining work and even radon gas levels.