mortgage advice Bishops Waltham

TestimonialsEveryone at Parkgate were absolutely brilliant, Kevin, who I dealt with was brilliant very concise and clear about what he needed then he went away for a few days worked his magic and got me a great product. No pushy advice or trying to sell a certain product, just the facts plain and simple and advice when I asked a question. I now recommend him to everyone I know. Will be using again.

This calculator can be used for residential property or non-residential property.

The calculator works out the Stamp Duty Land Tax (SDLT) you’ll have to pay for residential purchases (including lease premium) using new rules effective from 4 December 2014. It also shows how much SDLT is due under the previous rules and for non-residential purchases.

Stamp Duty Land Tax calculator

Osborne scraps Stamp Duty slab structure in Autumn Statement

George Osborne will abolish the slab structure of the Stamp Duty Land Tax from midnight tonight and will replace it with new layers of tax rates which will lower the cost of buying a home for 98% of the country.

People buying homes will only pay the tax rate on the part of the property which falls within the band instead of paying it on the whole property price.

For homes up to £125,000 no stamp duty is payable then;

£125,001 to £250,000 – 2%

£250,001 to £925,000- 5%

£925,001 to £1,500,00- 10%

£1,500,001 and above 12%

Osborne referred to the old system as a ‘badly designed tax’ which placed the biggest burden on low and middle income families.

The new rules start tomorrow, on 4th December. People who have already exchanged contracts on their new home purchase but have yet to complete will get to choose whether they use the old or new stamp duty rules.

In Scotland the new rates will apply until 1 April 2015 when the Land and Buildings Transaction Tax replaces it.

The Chancellor said that for a home which cost £255,000 the Stamp Duty charge would be £4,500 lower than it would have been under the old system.

Osborne said the new approach to calculating the tax removed the need to revalue the UK’s stock of homes.

The old rates were;

£125,001 to £250,000 – 1%

£250,001 to £500,000 – 3%

£500,001 to £1m – 4%

£1,000,001 to £2m – 5%

Over £2m – 7%.

Osborne said just 2% of the population would lose out under the new structure and rates.

He said someone buying a home worth more than £5m would now pay £514,000 in Stamp Duty compared to £350,000 previously.

To read the government’s factsheet on the new Stamp Duty Land Tax “click here

Bank of EnglandUK interest rates held at record low of 0.5% for another month

UK interest rates have been at 0.5% for five years. However, in June, Mr Carney said that interest rates could start to rise sooner than financial markets expected.

The size of the Bank’s economic stimulus programme – quantitative easing – was also unchanged at £375bn.

Debate over the timing of a rate rise has intensified, with Bank governor Mark Carney hinting recently that it could come by the end of this year.

In the minutes of the previous MPC meeting in July, all nine members of the committee voted to keep rates on hold.

Details of why the Bank’s Monetary Policy Committee (MPC) held rates will be published later this month.

The minutes for the latest MPC meeting are not due to be released until 20 August. If they reveal that some policymakers voted in favour of a rate rise it will be the first time the committee has been split since July 2011.

BarclaysBarclays to launch into Help to Buy 2 next Tuesday

The lender will offer two products including a three-year fix at 5.35% and a five-year equivalent at 5.49% from Tuesday 14 January.

Both products are fee-free and available up to 95% loan-to-value. A minimum loan size of 50,000 and maximum of £570,000 apply to both products.

The Help to Buy mortgages will be available through all channels, both direct and intermediary, and the products will be available on new build and existing properties. Only house purchase loans will be accepted by Barclays.

To find out more about Help to buy and for a personal illustration, please give one of our qualified advisers a call or email us via “Contact Us” page with your requirements.

 

untitledA million turn to payday loans to pay mortgage and rent

Nearly 1 million people in Britain have used a payday loan to pay their rent or mortgage as they face making ends meet difficult, a survey carried out for Shelter has revealed.

A survey of 4,000 adults found one-in-five rent or mortgage payers had borrowed money to cover their housing costs while 2% had turned to the high cost short-term payday loans to avoid defaulting on payments.

One-in-four people said they would feel too ashamed to ask for help if they couldn’t pay their rent or mortgage while 40% wouldn’t admit if they were struggling with their housing costs to family or friends.

Payday loans showing on your credit report can seriously reduce the risk of you being able to purchase a property or even if you are just remortgaging.

Before you go and apply for a payday loan, consider the consequences and give us a call on 01489 580020 or email us via “Contact Us” whereby one of our qualified mortgage advisers at parkgate can assess your financial needs and provide you with the right advice which could save you from having to rely on payday loans.

 

TestimonialI am a first time buyer and had no knowledge of the house buying process prior to my purchase. I was advised to contact Kevin at Parkgate Mortgages by my estate agent. I had wanted to purchase a property which fell through at the last moment. This was very disappointing. I then found another property which has been a successful purchase. Throughout the buying process of both of these properties, I found Kevin’s advice and guidance to be invaluable; he has been kind and patient and has offered me excellent advice. I have found him to be an excellent support. I am sure that I would not have tried to go ahead and purchase my house without his help. I will definitely be recommending Parkgate mortgages to my friends and work colleagues, and will seek to contact Kevin again in the future for my next house move.

BOEThe Bank of England’s Monetary Policy Committee has once again voted to keep base rate at 0.5 per cent and its programme of quantitative easing at £375bn.

The decision was widely expected as Bank of England Governor Mark Carney has said base rate will not rise until unemployment falls below 7 per cent or there is an unexpected spike in inflation. But even then a rate rise is not guaranteed.

Using the 7 per cent threshold, it was thought rates would not rise until at least 2016.

However, recent falls in unemployment have suggested that the threshold could be breached before that date, prompting economists to predict Bank of England lowering the threshold to 6.5 per cent, possibly in next month’s inflation report. This would allow the Bank of England to hold interest rates at 0.5 per cent this year.

According to the Office for National Statistics, the UK unemployment rate fell by a record 0.3 per cent to 7.4 per cent for the three months to October, representing the largest fall since jobless measurements began in 1971.

Unemployment reached its peak in early 2012 when the rate hit 8.4 per cent.

Base rate has remained at its current level since March 2009, when the MPC first voted to cut rates to record-lows in a bid to help stimulate the economy. On the same day the MPC launched its programme of quantitative easing, which was last increased in July 2012 by £50bn to £375bn.

Mortgages
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home insurance
equity release

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.