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What is a Higher Lending Charge and will I have to pay it?

April 26, 2017charge lending pay

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What is a Higher Lending Charge and will I have to pay it?

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A Higher Lending Charge is a one off premium paid usually by the borrower to an insurance company on high loan to value (LTV) mortgages, so in the event of the property being repossessed and sold at a loss, the lender can recoup any losses incurred from the insurance company.