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

April 26, 2017charge hlc lending pay

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

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A Higher Lending Charge (HLC) is a one off charge usually added to the mortgage by the lender for allowing the borrower funds in excess of 90% Loan To Value (LTV). Formerly known as MIG there are a number of lenders who will not charge this fee even at 100% loan to value although they may charge a higher interest rate than those that do.