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