Points to consider

Interest Rates Available

• Fixed Rate – These types of products typically offer an initial rate that is set for a term between 2 to 10 years, although some lenders offer longer terms. This allows you to budget for a set number of years, as your monthly repayment will be guaranteed for a set period of time. This also ties you into the product for a set amount of time, so you are usually unable to change products or lender without incurring Early Repayment Charges.
• Discounted Variable Rate–This type of rate could increase or decrease throughout the term of your mortgage, and gives the client a reduction on the lenders Standard Variable Rate. With this, there is no guarantee for the monthly payment as the rate may fluctuate. However, if the Bank of England base rate decreases, the savings could be passed onto the client at the discretion of the lender.
• Tracker (Bank of England or LIBOR) Variable Rate–Like the discounted variable rate, this rate may increase or decrease throughout the term of your mortgage. It tracks the Bank of England base rate with an added percentage. With this rate, the lender must pass on the benefit of any savings to the client.
• Capped Variable Rate–This rate is the same as a variable rate, however it has a capped upper limit applied, so the interest rate cannot go above this predetermined limit.

Stamp Duty & Gifted deposits

Stamp duty land tax is a proportionate tax paid of the purchase price of every property above £125,000 when you buy a residential property. Our advisors can make you aware of the amount of Stamp Duty that you are potentially going to have to pay upon purchasing a property so that you can factor this into your decision process.

Please follow this link to the HMRC Stamp Duty calculator for further guidance: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

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Gifted Deposits are unconditional, non-repayable or refundable gifts that are given from an immediate family member for the sole purpose of them purchasing a property. The family member has no intention to reside in the property and have no interest or rights on the property. These can be used to help a relative get onto the property ladder, and your advisor can offer guidance on what lenders take this type of deposit into consideration.