Email: john.shapland@templefinancial.co.uk
buffer that allows for any interest rate rises. This is not to say
that rates will go up, but if they do and you can’t keep up the
payments on a mortgage, your home could be repossessed by
the lender. An interest rate rise of 1% on a typical £100,000, 25-
year term mortgage would add £62.10 per month on a
repayment basis and £83.30 per month on an interest only
basis. (Source Trigold sourcing system)
Whether you are a first time buyer or are moving house, there
are several additional costs that should be taken into
consideration when deciding how much you need to borrow.
These include; estate agents fees (typically 1.5% - 2%),
solicitors fees (typically several hundred pounds), Stamp Duty
which is 1% between £120,001 -£250,000, 3% between
£250,001 and £500,000 and 4% over £500,001.
On a re-mortgage it may be possible to save a substantial sum
and keep costs to a minimum. Many lenders offer free a
valuation, free legal fees and no tie in at the end of a
discounted or fixed period. There is also no Stamp Duty to pay
on a re-mortgage.
At Mortgages Independent we aim to make the whole process
as smooth and as quick as possible. By requesting advice you
will be contacted personally by a qualified independent
mortgage adviser who will discuss all of your requirements.
Please note that Mortgages Independent is an introducer to
suitably qualified advisors and cannot provide any mortgage
advice.
