house purchase

Mortgage activity in the UK buy-to-let sector has halved since the introduction of a stamp duty surcharge, figures show.

Since April 2016, anyone buying a buy-to-let property or a second home has had to pay a 3% stamp duty surcharge.

Some 71,100 loans were advanced for house purchases by landlords in the year since the tax change, the Council of Mortgage Lenders figures show.

This compares with 142,100 loans in the previous 12 months.

To read more on the BBC Website Click here

 

5 year fixedWith the UK economy growing faster than expected this could push forward the first base rate hike by as much as 12 months, economic forecasters say.

Borrowers considering taking out a five-year fixed should consider this sooner rather than later as anticipation of a rate hike grows.

There is a one in five chance that unemployment could fall to 7% in the first half of next year, which is one of Bank of England governor Mark Carney’s trigger points for hiking base rates from today’s 0.5%, according to the National Institute of Economic and Social Research.

But it admits there is “considerable uncertainty” about the rate at which unemployment will fall. Its best guess is that the level could get 7.4% by the middle of next year, down from today’s 7.7%.

Some are forecasting a rise in interest rates in the second half of 2015.

For a personal quotation, please call us on 01489 580020 or contact us today where a qualified adviser can discuss your financial requirements.

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First time buyer

95% LTVFirst time buyer 5 year Fixed rate launched at 4.59 per cent five-year fixed rate up to 95 per cent loan-to-value for loans up to £300,000.

There is a £500 completion fee on loans to £500,000 and a 1 per cent fee for loans over £500,000. There is also a £199 booking fee.

If you are a first time buyer and have a 5 per cent deposit and would like to get on the property ladder, you should call us now for an initial assessment and you could be on your way to owning your own property.

Also available to First Time Buyers 90 per cent LTV to £400,000, 85 per cent LTV to £500,000 and 80 per cent LTV to £750,000.

Available to first time buyers for a limited period, do not delay, call us today.  Call now on 01489 580020,  email us at quotes@parkgate.net for a personal illustration or complete our enquiry form on our Contact Us form.

Many thanks to Kevin for sorting our remortgage efficiently and speedily. This is the fourth mortgage Kevin has arranged for us with competitive rates. Thank you also for your support and advice and for being on the other end of the phone when needed. I would highly recommend Park Gate to friends and family.

Mortgages
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We offer whole of market advice for all types of customers, whether you are a first time buyer, home mover or looking to purchase a buy to let property. Being independent we are able to offer impartial advice from the whole of the market to ensure you get the product that suits your financial needs.

Whether you are looking to protect your mortgage payments or your family, we provide independent advice for life insurance, critical illness cover and income protection from a wide range of providers.

Buildings Insurance is a requirement when you complete on a mortgage the cover is to provide security to the lender, the insurance covers the main structure of your home. It will cover you for subsidence, storm, flood, fire or smoke damage and cover the costs of rebuilding or repair.

Equity release is a way of releasing cash from your property, either through selling a percentage to the reversion company or taking a mortgage on it, while allowing you, the homeowner to continue living there as long as you wish.