Purchasing A New Home When buying a new home you need to consider what mortgages are available to you. There are many reasons for wanting to purchase a new property, whether it is building a property portfolio, helping a relative onto the property ladder, boosting your income with a buy-to-let property, or investing in your future. The motives behind purchasing a property will affect the range of mortgages available to you. We are happy to offer an initial consultation to discover your motives and guide you on the range of mortgages most suitable for your circumstances. New Property Mortgage Advice What Can I Afford? Before looking for a new home or additional property you need to know what the upper limit is that you can afford to pay. In addition to this you will need to consider additional costs such as solicitor fees, stamp duty, and any early repayment fees to pay on your current mortgage. What is equity? As you pay off your mortgage the value of your property can rise over time based on a variety of factors: most notably market performance. Equity is the amount of cash left over if you were to sell your property today and at the same time pay off the remainder on the existing mortgage. Buying to let One of the most popular means of investment is purchasing an additional property to then rent out. There are specific mortgages needed if this is your sole reason for purchasing a new property. Some key factors to consider are the upfront cost of the property deposit, making the property habitable for the rental market and remembering that the income generated from the letting of the property is taxable. Not all buy-to-let mortgages are regulated by the Financial Conduct Authority. Contact Us CALL NOW Schedule Your Free Initial Consultation Here Schedule Stamp Duty Information Stamp duty is calculated as a percentage of the price of the property you are purchasing, the current rates are: Property value: Rate: Up to £125,000 0 The next £125,000 (the portion from £125,001 to £250,000) 2% The next £675,000 (the portion from £250,001 to £925,000) 5% The next £575,000 (the portion from £925,001 to £1.5m) 10% The remaining amount (the portion above £1.5m) 12% *If purchasing additional properties, you may be liable to pay an additional 3% stamp duty on top of standard stamp duty rates.