What costs are involved with taking out a DBS mortgage?

When calculating the amount you can afford for your new home, bear in mind that you will have one-off costs associated with your move which you will need to meet.

Conveyancing Fee

There are no set guidelines when it comes to fees for this work so choose your solicitor carefully.

Stamp Duty Land Tax (SDLT)

This is a tax paid on the purchase price of your new home.

Property Value	Fee (%)
Up to £125,000	Zero
Over £125,000 to £250,000	1%
Over £250,000 to £500,000	3%
Over £500,000	4%

If the value is above the payment threshold, SDLT is charged at the appropriate rate on the whole of the amount paid. For example, a house bought for £130,000 is charged at 1%, so £1,300 must be paid in SDLT. A house charged for £350,000 is charged at 3%, so SDLT of £10,500 is payable..

Survey Fee

We require a valuation to assess the suitability of the property for the amount of mortgage loan required. There are two other types of survey, Homebuyers Report and a Full Building Survey.

Arrangement Fee

This is applicable for some but not all mortgage products.

Buildings Insurance

Your property must be insured for an amount sufficient to cover the full cost of rebuilding. An Administration charge of £30 will be added to the mortgage account if not taken with the Society.

Chaps Fee

A fee of £25 is charged on completion to transfer the mortgage funds electronically to the conveyancer.

Life Assurance

This will provide security and peace of mind for dependants if you die.

Critical Illness Cover

This will give you a lump sum to take care of financial worries if you contract a serious illness.

Mortgage Payment Protection Insurance

This pays your monthly mortgage payments for a specified period if you suffer from an accident, sickness or unemployment.

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