Mortgage Services And Things To Consider
What type of Mortgage do you require?
- A First Time Buyer
- A Home Mover
- Purchasing or re-financing a Buy to Let
- A Let to Buy
- A Commercial Mortgage
- Help to Buy
- A Shared Ownership
- A Self- Build Mortgage
We can assist you Call on 01621 767200
Things to Consider
You may need to move for a number of reasons:-
· Your First Home
· A growing family
- Relocation due to work commitments
- Downsizing as children leave home
Buying a property is probably the biggest purchase you will ever make. Before you make significant inroads into the buying process, ensure you obtain an Agreement in Principle. This is still subject to checking your income, and expenditure.
Porting your current mortgage
You may have already got a mortgage on your current property which you may be able to port into your new property. This is only possible if your current mortgage lender will allow you to borrow the amount you need. They do not have to agree to a new mortgage, especially if you fall outside of their lending policy.
What do you need to Budget for?
Whilst assessing your budget you also need to account for other costs involved in buying and selling a property. Typically these are:
- Estate Agent Fees
- Solicitors fees (and disbursements)
- Stamp duty
- Property valuation or survey fee
- Mortgage arrangement fee
Estate Agent Fees
These can vary enormously within towns across the UK. You should compare costs between agents and look at the services the agent is looking to provide.
These again can vary from Solicitor to Solicitor, but will include the cost of the Solicitors time, along with a selection of fees payable, such as Land Registry Fees, Property Searches, Local Searches, and other related fees.
This is the tax you pay to the government on property purchases. It is payable on property purchases of £125,000 and over. The rates payable are tiered according to property value.
- Up to £125,000 – Nil
- £125,001 – £250,000 -1%
- £250,000 – £500,000 – 3%
- £500,001 or More – 4%
- £1,000,001 or More -5%
A basic Report and Valuation is normally organised via the Mortgage Lender, however if you require a more detailed valuation report, such as a Homebuyers or Full Structural Survey you can organise these yourself or there may be a discount for using the lender’s surveyor.