Take the first step to buying your new home
There is a lot to understand and things you shouldn’t forget when moving house, that is why Edgefold Homes work alongside a panel of Independent Financial Experts who can assist you with your search for a mortgage that suits you.
Mortgage lenders base their decisions on what’s known as the loan-to-income ratio, the amount you want to borrow divided by how much you earn.
Useful Mortgage Calculators
Are you considering reserving a new home with us and are wondering whether you can afford it or how much you can borrow?
Why not try these handy links with no need to register, they are free and informative and will give you a good idea of what you can afford during your search for your new home.
To assess your affordability, here is a handy Mortgage Affordability Calculator by Money Helper:
Mortgage Affordability Calculator
Money Helper also provide a free Mortgage calculator to assess how much your monthly repayments will be. You can find this on their website:
Stamp Duty
Are you up to date with the new stamp duty thresholds?
The Government has recently announced a permanent Stamp Duty Cut. The threshold at which buyers are required to pay Stamp Duty has been raised from a purchase price of £125,000 to £250,000, the tables below show the new Stamp Duty Rates
To find out what this means for you and how much you will pay, visit the Stamp Duty Calculator website:
Any further questions about Mortgages or Stamp Duty just get in touch with us and we’ll point you in the right direction to securing your perfect home.
Current Rates of Stamp Duty for Single Property
| Property Price | SDLT Rate |
|---|---|
| Up to £125,000 | 0% |
| 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% |
First Time Buyer Rates of Stamp Duty
| Property Price | SDLT Rate |
|---|---|
| Up to £300,000 | 0% |
| The portion from £300,001 to £500,000 | 5% |
Second Home/Buy to Let Rates of Stamp Duty
| Property Price | SDLT Rate |
|---|---|
| Up to £125,000 | 5% |
| The next £125,000 (The portion from £125,001 to £250,000) | 7% |
| The next £675,000 (The portion from £2500,001 to £925,000) | 10% |
| The next £575,000 (The portion from £925,001 to £1.5 million) | 15% |
| The remaining amount (The portion above £1.5 millions) | 17% |