Understanding Our Fees
We at No Mortgages uphold transparency in all our business dealings, that’s why we want to be upfront about our fee structure. This page provides you with the critical information you need about the fees that apply to the services we offer. Please take the time to read and understand the information below:
Regarding Property Sales, we charge a fee of between 2% to 7% of the property’s purchase price, the amount of which depends on the type of property deal being negotiated. Specifically for Lease Option deals, we typically charge a fee of from 5% up to 7% of the property value.
We charge an upfront, non-refundable Admin Fee of £330 for one adult tenant. Additional adult tenants must each pay a £90 Admin Fee, also non-refundable.
Company tenants have to pay a larger fee of £474 for one adult tenant, which includes a full, advanced tenants referencing. This referencing includes the following services, but are not limited to: 6 year credit history search, address verification and linked address summary, landlord referencing and verification, affordability analysis employment and income verification, guarantor verification (where applicable) and more. Again, each subsequent adult tenant in the Company Tenancy Agreement will have to pay an additional £90.
We provide landlords with two key services. The first is a Tenant Find service wherein we help the landlord find a suitable tenant and carry out referencing for the prospective tenant/s. The fee for this service is 14.4% percent of the rent due for the initial tenancy period. The fee is inclusive of tenant referencing costs.
Property management is the second service we offer landlords. Our property management services are fully comprehensive, including functions such as:
Deposit Replacement Insurance
This type of insurance can be used as an alternative to tenant deposit. Opting for our Deposit Replacement Insurance allows a landlord to avoid the hassle of collecting, protecting and filling the necessary documents within 30 days of collecting your tenant’s deposit. The Deposit Replacement Insurance we offer is furnished with the help of one of Europe’s biggest and most stable insurance companies.
The advantage of Deposit Replacement Insurance for landlords is that you are protected if your tenant leaves without notice and without paying the remaining month’s rent. Most importantly, it also covers the landlord for damages amounting to six weeks’ worth of rent.
A Deposit Replacement Insurance with us is also advantageous for tenants, as after referencing, they can immediately move into the property, which in turn shortens waiting time for landlords. The cost of this premium is also much lower than attempting to collect six weeks’ worth of deposit.
Our Guaranteed Rent service, also underwritten by the same insurance company handling Deposit Replacement Insurance for us, guarantees that rent is paid on time, on the date due and as agreed. Guaranteed Rent continues to pay for rent even if the tenant has to be evicted from the property. With Guaranteed Rent, landlords are insured for up to two months after the tenant leaves or is evicted.
As an added service, our Guaranteed Rent also comes with Home Emergency Cover to provide you with peace of mind, support and reassurance for tenant emergencies such as broken boilers, pest infestations, leaking radiators, burst pipes and more. This service adds 14.4% to the rent due for the initial period of the tenancy agreement. Tenant referencing is already included in this service.
If you would like to learn more about our fees or have questions about them, please don’t hesitate to contact us. You can reach us through the information provided on our Contacts page. We will be more than glad to provide you with all the answers you need.