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COVID-19 Market Update: How do Borrowers Refinance their Home Mortgage?

13th April 2020

During the next few weeks and months, many borrowers will find themselves coming to the end of their current ‘initial’ mortgage term.  With the Bank of England (BoE) reducing interest rates down to a historic low of 0.1%, is this the right time to secure a new mortgage?  COVID-19 has had a significant impact on…

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.

As we offer a bespoke service, our fees will vary, but we will always explain precisely what you will be charged before you proceed with an application.

A typical fee of up to 1.10% of the mortgage amount is payable. Of this, 20% is payable when you receive your mortgage offer and the balance of 80% on completion. For example on a mortgage application of £500,000 the fee would be £5,500 in total. Of this, £1,100 (20%) would be payable on issuance of your mortgage offer and the balance of £4,400 (80%) on completion. The total fee is non refundable. We may also be paid commission from the lender.

For later life mortgages a fee of 0.85% of the loan and facility amount is payable on completion, subject to a minimum fee of £995. The precise amount of the fee will depend on your circumstances. We will also be paid a commission by the company that lends you money. For example: a later life loan of £200,000 will attract a fee payable to Kinnison Limited of £1,700.00. Should you decide not to proceed with the application after an offer of finance has been made, a fee of £395 will become immediately payable. All our fees are non-refundable in all circumstances.

These fees apply to mortgages regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate most buy-to-lets, commercial lending and some bridging finance. Fees for non-regulated mortgages will vary depending on your requirements and individual circumstances.

The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Kinnison Ltd is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.

Kinnison Ltd. Registered office: 91 Wimpole Street, London, W1G 0EF, United Kingdom. Registered in England & Wales No: 09582749.

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