First Time Buyers & Home Movers

Residential mortgages

First Time buyers & Home movers

Buying your first home can seem like a daunting prospect but it doesn’t needs to be. We can guide you through the process from start to finish and bespoke the advice to your requirements.

Buying your first home can take a number of weeks and it’s important to understand the process. Gravity private finance has helped many first time buyers and home movers and will guide you through the process. We can also put you in touch with experienced solicitors and surveyors to make the process as stress free as possible.

Key Events When Buying Your First Home

  • Find out how much you can borrow
  • Find a home that matches your affordability
  • View that property
  • Make an offer
  • Carry out a survey on the property
  • Choose a solicitor to handle legal side
  • Exchange contracts
  • Mortgage completion
  • Move into your new home
Property value Stamp Duty
Up to £125,000 Zero
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 £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

Example

If you buy a house for £275,000, the SDLT you owe is calculated as follows:

  • 0% on the first £125,000 = £0
  • 2% on the next £125,000 = £2,500
  • 5% on the final £25,000 = £1,250
  • Total SDLT = £3,750

Buy to let SDLT – From 1st April 2016 there is an additional 3% SDLT payable on top of the above on buy to let properties (subject to criteria). Please enquire for me details contact us.

Gravity Private Finance Delivering Excellence For Independent Mortgage Advice.

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