The true cost of your mortgage is the total cost of your mortgage over the introductory period, broken down monthly. This figure will usually be different to your monthly mortgage repayments, as it factors in the cost of any fees or charges involved, and any incentives the lender may provide with the mortgage product. 

Fees can include an arrangement fee, an administrative fee paid to the lender for arranging the mortgage, legal fees paid to your conveyancer or solicitor, and early repayment charges for switching mortgages during your introductory period (if you have a mortgage already). Similarly, lenders may incentivise customers with offers such as “free legals” (free solicitors provided by the lender), free valuations and cashback offers payable on completion. 

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