We offer a range of mortgages which have no product fee.
Mortgages with product fees usually carry a lower rate of interest during the initial product term. Product fees can often be added to your mortgage but that means that you pay interest on the product fee unless it is repaid within 21 days of completing on your mortgage.
Surveying firms in the UK are governed by The Royal Institution of Chartered Surveyors, or RICS. There are a number of RICS surveys, and costs vary depending on which type you want. The RICS HomeBuyer Report is cheaper than the more detailed RICS Building Survey, for example. Talk to a licensed surveyor to figure out what type of survey would be best for the property you are looking at buying, and remember that paying a little extra on a survey before you buy could save cost on potential unpleasant surprises once you have moved in.
The administrative legal work around transferring ownership of a property from one person to another is known as conveyancing. You will need a solicitor or a licensed conveyancing firm to help with this. Always get a quote upfront.
Solicitors or licensed conveyancers also carry out searches on the property, to check, for example, whether there are plans to develop new roads nearby. These will normally be covered in the conveyancing costs, but it’s best to check exactly what the fee includes.
You must pay Stamp Duty Land Tax (SDLT) to HM Revenue and Customs if you buy a property over a certain price in England and Northern Ireland.
When you’re buying your first home, you get a discount (relief) which means you pay less or no tax as shown in the table below, if:
- you complete on your mortgage on or after 22 November 2017;
- the purchase price is £500,000 or less; and
- you, and anyone else you’re buying with, are first time buyers.
|Purchase price||Rate of SDLT payable (purchase price £500,000 or LESS)|
Or if the purchase price is over £500,000 you pay tax as shown in the table below.
|Purchase price||Rate of SDLT payable (purchase price over £500,000)|
SDLT is charged at the rates shown above, based on the amount of the purchase price that falls in each rate band. Learn more about stamp duty
Correct at 19 November 2018.
Don’t forget you may want to employ a removal firm to help you move into your new home – costs can vary so get a few quotes so you can compare prices. It’s really important to get the right removal service for the right cost. A few points to check are: does the price include packing? Does it include insurance? What is the capacity of the van provided? Is access suitable?
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.