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The amount you can borrow as a first-time buyer is dependent, and a lender will calculate how much you can afford to pay each month by assessing your ...
There are other costs in addition to your deposit, which it is important to remember to budget for. These will include the following costs ...
A first-time buyer is classified as such when they purchase their main or only residence, and have never yet owned a freehold or leasehold residential property either in the UK or abroad.
You will need to save a deposit before looking to purchase a property. In most cases you’ll need to save at a minimum deposit of between 5-20% of the value of the property. So for example, if you wanted to purchase a property for £200,000 you’d need to have at least £10,000 available as a deposit. The more deposit you have the greater will be the range of available mortgages. Also with larger deposits you will be able to obtain more competitive interest rates.
As a first-time buyer you will not be required to pay any stamp duty on the first £300,000 on any property costing up to £500,000. You will then pay 5% on the value between £300,001 and £500,000. For properties being purchased over £500,000 you will be required to pay stamp duty on the same scale as someone who has purchased a property previously:
0% rate for the first £125,000
2% rate for £125,001 to £250,000
5% rate for £250,001 to £925,000
10% rate for £925,001 to £1,500,000
12% rate for £1,500,001 and upwards
It is important to review all the costs associated with a mortgage as well as the interest rate …
Most remortgages will have fees and costs attached, including arrangement fees, legal costs, and valuation fees, and some also carry repayment charges or redemption penalties. You will generally need to pay:
1. Valuation fees (some lenders can offer this free as part of a remortgage deal)
2. Administration charge
3. Solicitors legal fees
4. Exit fees (sometimes payable if your existing mortgage has not come to the end of its term yet)
Some lenders can provide free valuations, as a way of securing more business, but others will require a new valuation report do be carried out which will incur a fee. To ensure you have considered all the costs properly, it is helpful to check the APR, as this provides the annual percentage rate which includes the full costs. This is helpful, especially when comparing different providers deals.
A Government-backed scheme called ‘Help-to-Buy’ is available offering assistance for those looking to get on the property ladder for the first time. There are a number of lenders who participate in this scheme which we can help match you with
A first-time buyer is classified as such when they purchase their main or only residence, and have never yet owned a freehold or leasehold residential property either in the UK or abroad.
You will need to save a deposit before looking to purchase a property. In most cases you’ll need to save at a minimum deposit of between 5-20% of the value of the property. So for example, if you wanted to purchase a property for £200,000 you’d need to have at least £10,000 available as a deposit. The more deposit you have the greater will be the range of available mortgages. Also with larger deposits you will be able to obtain more competitive interest rates.
As a first-time buyer you will not be required to pay any stamp duty on the first £300,000 on any property costing up to £500,000. You will then pay 5% on the value between £300,001 and £500,000. For properties being purchased over £500,000 you will be required to pay stamp duty on the same scale as someone who has purchased a property previously:
0% rate for the first £125,000
2% rate for £125,001 to £250,000
5% rate for £250,001 to £925,000
10% rate for £925,001 to £1,500,000
12% rate for £1,500,001 and upwards
It is important to review all the costs associated with a mortgage as well as the interest rate …
Most remortgages will have fees and costs attached, including arrangement fees, legal costs, and valuation fees, and some also carry repayment charges or redemption penalties. You will generally need to pay:
1. Valuation fees (some lenders can offer this free as part of a remortgage deal)
2. Administration charge
3. Solicitors legal fees
4. Exit fees (sometimes payable if your existing mortgage has not come to the end of its term yet)
Some lenders can provide free valuations, as a way of securing more business, but others will require a new valuation report do be carried out which will incur a fee. To ensure you have considered all the costs properly, it is helpful to check the APR, as this provides the annual percentage rate which includes the full costs. This is helpful, especially when comparing different providers deals.
A Government-backed scheme called ‘Help-to-Buy’ is available offering assistance for those looking to get on the property ladder for the first time. There are a number of lenders who participate in this scheme which we can help match you with
Rest assured, we are authorised by the FCA, and also have the necessary qualifications to provide independent & impartial advice on all types of mortgage, acting in the best interests of our clients at all times!
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