Clever Mortgages logo variation
Close this search box.

0800 197 0504

Close this search box.

Wales – Land Transaction Tax (LTT)

Land Transaction Tax (LTT) is paid when you buy or lease property or land over a certain value in Wales.

For residential property, (a property you wish to live in) the tax only applies to a property that costs more than £180,000.

Does Stamp Duty apply to commercial property?

Yes – but stamp duty only applies if the commercial property is worth more than £150,000, after which it’s calculated based on the value of the property.

Please note, these are the rates for England and Northern Ireland.

What is Stamp Duty?

Stamp Duty is the tax you’re liable to pay when you buy a residential property, or a piece of land, that costs more than £125,000. Also known as Stamp Duty Land Tax

What is a direct lender?

A direct lender is a company that loans money directly to the individual borrower, without any ‘middlemen’ or brokers.

What is a mortgage broker?

A mortgage broker acts as the ‘middleman’ between you and a potential lender. They are licensed and regulated by the Financial Conduct Authority, making sure that you, the borrower, get the best deal available for your personal situation. Many lenders only deal directly with mortgage brokers, meaning that the brokers often have access to a wider range of deals, rates and products.

Can I get a mortgage after Brexit?

Yes. After Brexit there’s a chance the available deals or rates that lenders offer may change in accordance with any economic changes, but mortgages will still be available.

What is a repayment mortgage?

A repayment mortgage is a mortgage in which you pay both the interest accrued and a portion of the capital initially borrowed in your monthly payment, meaning that when your mortgage term ends you’ve repaid all money owed to your lender.

What is an interest-only mortgage?

An interest-only mortgage is a mortgage where you only pay off the interest accrued every month and wait until the end of the mortgage term to pay off the original sum borrowed.

What is a tracker mortgage?

A tracker mortgage is a mortgage where the interest rate usually follows, or tracks, the base rate set by the Bank of England. It’s important to note it’s unlikely you’ll get the exact base rate; lenders will often offer a mortgage set at a percent or two higher than the base rate and may have […]

What is a standard variable rate mortgage?

With a standard variable rate mortgage, the interest rate is subject to rise, or fall depending on the lender’s current rate. The lender will decide your interest rate for each month and doesn’t have to follow the base rate set by the Bank of England.

What is a variable-rate mortgage?

Variable rate mortgages are mortgages where the interest rate can be changed, or varied, from month to month. There are two traditional types of variable rate mortgages, standard and tracker variable.

What is a fixed-rate mortgage?

A fixed-rate mortgage is a mortgage where the interest rate remains the same, or fixed, for the duration of the loan or a set period of time. The fixed rate usually lasts between 2 to 5 years, but it’s sometimes possible to get a fixed-rate of up to 10 years or more. This means your […]

Can someone pay my deposit?

Yes, you can accept a deposit gift, and often lenders will accept you for a mortgage with a gifted deposit, but it must be a gift, and not a loan. They’ll require a document stating the gifter’s name, the relationship to the recipient and a statement declaring the deposit money is a gift, and not […]

Skip to content