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Getting onto the property ladder with ease.
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So, here we are half way through 2021 and the property market is still going crazy, I heard a story the other day about a first time buyer that went to view a flat in London and there were 10 other couples waiting outside, now that might not seem like much but it might just put you off selling up and moving. So, if you are going to "stay put" then it is time to think about if you can get a better rate for your current mortgage. With rates at all time lows and not much indication that they are going up anytime soon, this is your opportunity to save money. So if you are on a fixed rate that is going to end in the next 6 months then now is the time to get in touch and see if a better rate is available to you. If you are on the standard variable rate or a tracker and you want to see if a fixed rate is now worth it because the rates are so low then we can help to. We can even help you stick with the same lender and get you a better rate than the standard variable, so if you need quick action we can help there too. Contact Zoom Mortgage telephone 0800310121 email contactus@zoommortgage.co.uk .
This story + many more are available in our 1st edition of the Zoom Mortgage and Property Magazine. Available for you for free here HOW MUCH DOES IT COST TO BUY A HOME? “The total cost of buying a property is often underestimated. It’s not just finding a deposit.” IF YOU’RE THINKING of buying a home, there’s a lot more to consider than just the price of the property. While you might be aware of the major costs involved in buying a house, there could be extras you haven’t considered. The total cost of buying a property is often underestimated. It’s not just finding a deposit. Among the additional costs that need to be covered are legal fees, surveyor’s fees, stamp duty and moving costs. Preparation is particularly important if you are a first-time buyer. HOW MUCH IS A PROPERTY IN THE UK?[1] EXAMPLES OF DEPOSIT AMOUNTS BASED ON AVERAGE HOME PRICES IN THE UK • In England, the average home costs £246,000 5% DEPOSIT £12,300 • In Scotland, the average home costs £151,000 5% DEPOSIT £7,550 • In Wales, the average home costs £164,000 5% DEPOSIT £8,200 • In Northern Ireland, the average home costs £140,000 5% DEPOSIT £7,000 Source: Office for National Statistics, February 2020 Of course, there’s a lot of variance in price depending on the type of property and the location. Zoom Mortgage offers 100 + 95% mortgages from many different lenders. HOW MUCH DEPOSIT IS REQUIRED? Usually, when you buy a home, you’ll pay 5%–20% of the total price as a deposit and take out a mortgage to cover the remaining cost, which you’ll repay over an agreed period of years. If you don’t have this much deposit then there are ways to buy a home with a smaller deposit or no deposit, such as a guarantor mortgage or the Shared Ownership scheme. WHAT ARE THE OTHER COSTS INVOLVED IN BUYING A HOME? MORTGAGE FEES Different mortgage providers charge different fees, and different amounts for those fees. Some of the common ones include: • Arrangement fee – up to £2,000 usually is £999 for many products • Booking fee – up to £250 • Valuation fee – up to £1,500 • CHAPS transaction fee – up to £50 • Account fee – up to £300 • Mortgage Broker fee - This depends on the broker used. At Zoom Mortgage we charge a fee of 0-£1500. Usually this fee is a flat £499 but the cost is based on the complexity of the work to be undertaken on the clients behalf. You might have the option to add these fees onto the loan amount so that you don’t need to pay upfront – but this will mean you’ll also be charged interest on them. This is not usually advisable to do because of the additional interest payable. STAMP DUTY Stamp duty is a tax paid on property in England and Northern Ireland. There are similar taxes payable in Scotland (Land and Buildings Transaction Tax) and Wales (Land Transaction Tax). Fortunately, under the current rates there is no stamp duty to pay on property up to the value of £300,000. Above this amount, stamp duty is calculated as a percentage of the property price (between 3% and 12%, depending on the total value). This is a reduced rate, due to the coronavirus pandemic. SURVEY COSTS It’s crucial to have your property examined by a surveyor before completing the purchase, as this can identify many kinds of expensive issues that might arise in the future. There are various types of survey, with different costs, these are all estimated costs including: • A basic condition report (£300+) • A more detailed homebuyer report (£400+) • An in-depth building survey (£450+) • A full structural survey (£600+) SOLICITOR’S FEES Another essential cost is a solicitor, to draw up your contract and help to complete your sale. You should expect to pay between £800 and £1,600. This includes your *legal fees, *money transfer fees, *land registry fees and searches. CONVEYANCING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. >> SIGNIFICANT FINANCIAL COMMITMENT << Buying your home is not only exciting but for many can be one of the most stressful times they’ll ever experience, not to mention a significant financial commitment. From your mortgage deposit to fees and other costs, buying a property is an expensive business. To discuss your situation or for further information, please contact Zoom Mortgage – telephone 08003101210 – email Contactus@zoommortgage.co.uk. Source data: [1] https://www.ons.gov.uk/ economy/inflationandpriceindices/bulletins/ housepriceindex/february2020
