General Information

How much stamp duty will I pay?

If you want to move home, it is important that you establish how much Stamp Duty you need to pay so that you can budget for this before making an offer. Stamp Duty is a land tax which applies to any property purchase over £125,000. Under the new system, the amount of Stamp Duty owed will work in a way much like income tax. On residential properties, Stamp Duty can range between 0-12% dependent on the purchase price of the property.

Property Purchase Price Band

Rate of Stamp Duty

£0 – £125,000

0%

£125,001 – £250,000

2%

£250,001 – £925,000

5%

£925,001 – £1.5 million

10%

Over £1.5 million

12%

What Makes a Good Mortgage Rate?

A number of factors will determine if a mortgage rate is a good rate, and these factors always relate directly to your circumstances. A mortgage rate that is good for you, may not be good for someone else. Interest rates show the price at which you can borrow money and there are different types of rates with each mortgage having the following three: Initial Rate An initial rate is the amount charged by a lender to a borrower at the beginning of the mortgage. This is usually a promotional rate that is over a short-term period before then changing to the subsequent rate. Subsequent Rate This is the rate that you will end up paying after the promotional period. It is usually the lender's Standard Variable Rate (SVR) and releases you from any early repayment charge that you would have to pay if you were to remortgage during the initial rate period. Overall Rate for Comparison/APR This is simply the overall rate if you combine the initial rate with the subsequent rate and includes any fees that may have been added. Typically, having a lower overall rate is the better option as this means that you will pay less interest over the life of your mortgage. However, there are circumstances where you may benefit from a lower initial rate, though this will result in bigger repayments further down the line.

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