Good News For First Time Buyers

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Stamp Duty Cut for First Time Buyers

Chancellor Philip Hammond has thrown a lifeline to first-time buyers buy abolishing stamp duty up to £300k...but is it all good?

As I'm sure you heard yesterday - the Chancellor, Philip Hammond scrapped stamp duty for first time buyers on propertyies worth up to £300,000, to make home ownership more affordable for young people in the UK.

It has been estimated this will save first time buyers £3bn, over the next 5 years.

Stamp duty is a large expense and the new rules are indeed great news for those looking to buy their first home.  However, the decision has come under fire as it could well start to push up the prices of houses in a market which many consider to already be over-inflated.

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Speak to your current lender - nearly all of the major lenders will allow you to secure a new rate with them, up to 3 months early. 

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Remortgage to another lender - moving to a new lender can save you money over the long term.  It's important to weigh up your options.

You need to look at both options.  Your easiest option will normally be to stay with your current lender, as they require little, to no, information about your current circumstances and will swap your rate over in a matter of days. However, the rate they offer you may not be that great!

Remortgaging to another lender is a little more involved, as it is a new application and you will need to produce the relevant documents, such as; passport, utility bill, bank statements, etc.  

Normally, a mortgage offer will last 3 months - so you can secure a great rate today and complete on the mortgage when your current rate expires.

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Reasons to leave your current lender

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Your current lender is not offering you favourable rates to stay with them

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You are looking to consolidate some debt in to your mortgage

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You would like some extra money for home improvements

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Reasons to stay with your current lender

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Little or no documents required

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Quick and easy

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Can be done on-line (in most cases)

A mortgage broker will have access to both your current deal and other deals, can compare both and offer you the mortgage that is going to cost you the least over over the next few years.  

If you have any questions or would like to chat - we’re here to help.

CALL US ON: 01424 440410
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Find out if you can lock in a low fixed rate deal now

Give us the basics and we'll do the rest

Find out if you can lock in a low fixed rate deal, now

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Give us the basics and we'll do the rest