Contents
- Happy Clients
- October at Key Mortgage Advice
- Industry News
- Top Tips
- This Month on our Social Media
A Look Back Over The Last Month
We celebrated the work anniversaries of two of our hard working employees, Angela and Brigid! Thank you for your continued hard work with the company.
We had a brand new member of staff join our team! Please give a warm welcome to Sean, our new Mortgage Advisor! Sean has worked in the financial services industry for nearly 25 years and has 19 years of experience providing mortgage and protection advice. We’re lucky to have you on board Sean and wish you the best future with our company! Want to learn more about Sean? Head over to our ‘Meet The Team’ page!
We shared some brand-new tips and tricks into the world of mortgages on our social media! Including a video explaining all about which documents you may need when applying for a mortgage, as well as posts about what mortgage offers are, and a post explaining what joint mortgages are.
Don’t Forget to follow us on Social Media to see these updates as they happen.
It’s been a couple of days since one of the most talked about budgets in recent years. We have taken a bit of time to digest the information, and although some of the finer details aren’t yet available to us, there are a few things we would like to highlight to you that are property related.
Stamp Duty
Stamp Duty increases on second homes to 5% – this is for people buying a BTL property, holiday let, second home or property for a relative to live in. In addition, if you plan to rent out or not sell your current home and are buying another to live in, the extra stamp duty applies too.
In real terms, if your new property costs £275000, you would pay the basic stamp duty of £1250, plus the additional 5% of £13750, totalling £15000. Previously the bill would have been £9500.
This is effective immediately.
Capital Gains Tax
The lower rate of CGT which is payable by basic rate taxpayers, rises from 10% to 18% immediately. The higher rate of CGT, payable by higher rate taxpayers rises from 20% to 24%.
CGT on residential property remains unchanged.
This means any property which is not your main residence (BTL property or second homes for example) that you are selling could get caught up in the increased CGT costs.
Speed Up Your Mortgage Application…
One thing that will help you to speed up your mortgage application process is ensuring that you have your proof of income documentation ready to hand over.
Lenders will request proof of your income to ensure that you can meet the monthly repayments before they will proceed with your application. Having this ready in advance ensures the process moves quickly and with less interruptions.
Coming Soon!
Don’t forget to sign up to our mailing list to receive these monthly updates as well as other news and helpful information.
This month on socials we’ll be exploring some new mortgage themes such as Freehold vs Leasehold properties and monthly repayments. We’ll also be sharing another of our video tips and talking some more about our retirment interest only mortgage guide.
We’re gearing up in the background to bring you some brand new content in the New Year so keep your eyes peeled for that too.
