Land and Buildings Transaction Tax (LBTT) is a tax paid when you buy or lease property or land in Scotland.
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.
The buyer of a house or property is always the one to pay Stamp Duty Tax, not the seller. See- what is stamp duty?
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.
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
A direct lender is a company that loans money directly to the individual borrower, without any ‘middlemen’ or brokers.
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.
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.
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.
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.
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 […]
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.
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.
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 […]
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 […]