High Value Lending Fee
This may apply if the amount you wish to borrow is typically more than 75% of the value of the property. The lender will require additional security on the amount in excess of this threshold in the form of an insurance policy ( a higher percentage lending fee).
The policy is used to protect the lender only and is used to cover the lender in the situation, where the property is repossessed and the loan plus any unpaid interest exceeds the sale value of the property. You will then owe the insurance company any payment claimed by the lender.
The lender will arrange the insurance and the premium will be paid by you, in some cases it can be added to the loan.
All our advisors at MLM are trained to the highest standard possible to ensure they are able to find the best deal for your financial circumstances.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The information on this website is for the use of residents of the United Kingdom only. No representations are made as to whether the information is applicable or available in any other country which may have access to it.
MLM Financial Ltd are appointed representatives of Openwork Limited who are authorised and regulated by the Financial Services Authority
Openwork Limited offers insurance and investment advice on products from a limited number of product providers and advice on mortgages representative of the whole market.
