Compare No Fee Mortgages
Some lenders offer a mortgage with no upfront fees. To find fee-free deals, just choose your mortgage type below, answer a few questions and you’ll be matched with deals across lenders.
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Can you get a mortgage with no fees?
Yes, some lenders offer a mortgage with no upfront fees, but, you will generally be charged a higher interest rate on a no fee mortgage.
Is it better to get a mortgage with a fee or not?
Whether you should apply for a no fee mortgage will depend on your financial circumstances. It’s important to weigh up the pros and cons of mortgages with and without fees to help you decide the right option.
The main benefit of a no fee mortgage is that there are fewer fees to pay up front when you apply. Fewer upfront costs can make no fee mortgages a cheaper option initially.
Many lenders charge higher interest rates for a no fee mortgage so it is likely to be more expensive in the long term.
Who can get a no fee mortgage?
You may successfully apply for a no fee mortgage if you meet the lender’s eligibility criteria and pass their affordability checks.
How do I find the best no fee mortgage for me?
Shopping around can help you find the right no fee mortgage. NerdWallet’s no fee mortgage comparison tool can help you compare the latest deals.
Choose the reason you are borrowing: whether you are a first-time buyer, moving home, remortgaging or looking for a buy-to-let property. Then answer simple questions about the property value, mortgage amount and term length, and you’ll see the no fee mortgages available.
We’ll also show you a rough indication of the monthly repayments for each product, alongside the initial interest rate and APRC. The Annual Percentage Rate of Charge, or APRC, will give you an idea of the overall cost of the home loan – including the interest rate but also additional charges – so it can help you compare mortgage deals.
How to apply for a no fee mortgage?
You can apply for a no fee mortgage online, in branch or over the phone. Although the application process can vary between lenders, most ask for the following documents when you apply for a mortgage:
- Proof of ID: Lenders will ask for legal documents such as a current passport or a full UK driving licence photocard so that they can verify your identity.
- Proof of earnings: You’ll need to provide bank statements and payslips to show evidence of your income if you are employed, or any benefits you receive, as well as your outgoings.
- Proof of deposit: Lenders will request evidence of your mortgage deposit, for example savings account statements. If you use a gifted deposit, you may need to complete a form or request a statement from the person giving you the lump sum.
- Household bills: Mortgage providers usually ask for utility bills or council tax bills as proof of address and to carry out money-laundering checks.
Most mortgage lenders will also conduct a hard credit search to see how well you’ve managed borrowing in the past.
No Fee Mortgages FAQ
What is a no fee/fee free mortgage?
No fee mortgages, or fee-free mortgages, don’t charge an upfront arrangement fee when you apply for a home loan. This fee is sometimes referred to as a product fee. Mortgages that charge an upfront fee will sometimes allow you to add this to your mortgage loan.
Will I pay a more expensive rate for a no fee mortgage?
Yes, you may have to pay a higher interest rate on a no fee mortgage.
Will I need a larger deposit for a no fee mortgage?
No, the size of your deposit shouldn’t affect whether you can apply for a no fee mortgage. Lenders offer a number of no fee mortgages with a range of loan to values (LTVs). This means that you can apply for a no fee mortgage regardless of the size of your deposit.
What criteria will I have to meet?
You'll have to meet the lender’s eligibility criteria to qualify for a mortgage. This typically includes having a good credit score and being within its age limit. Your lender will also assess your income and outgoings to make sure you can afford the mortgage.
What are the benefits of a no fee mortgage?
Taking out a no fee mortgage means you can avoid paying an initial lump sum fee which can be attractive if you are looking to keep your initial costs down.
Are there any downsides to no fee mortgages?
The main downside with no fee mortgages is that you are likely to pay a higher interest rate so it’s important to work out whether the money you would save on fees outweighs the long-term cost.
It’s also worth bearing in mind that no fee mortgages will only make you exempt from paying the product or arrangement fees, you'll still have to pay other costs such as valuation fee and legal fees.
Are there any fees or charges to watch out for with a no fee mortgage?
Although no fee mortgages don’t charge an upfront arrangement fee, there are still other charges that apply to your loan. These include, but not exclusively,:
- valuation fees
- legal fees
- account fees
- survey fees
How can I compare no fee mortgages?
You can use our mortgage comparison tool to compare the latest no fee mortgage deals. We’ll help you find the right deal by breaking down each lender offers, as well as the interest you need to pay.
Brean is a personal finance writer at NerdWallet. She covers a range of financial topics and has written for consumer titles including Which?, Moneywise and The Motley Fool. Read more
NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.
Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ
Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE