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As a First time Buyer it may look difficult to get onto the UK property ladder but we at Xpress Mortgage Solutions will help you secure your first home. Our company is based in West London and a large part of our business has been helping first time buyers. In London we have some of the highest property prices in the country yet we have secured mortgages for many first time buyers like you.
The amount you can borrow is based on your income; many lenders offer upto 5 times income however it is also possible to work out the mortgage available to you based on affordability. Lenders that use affordability calculations will take a more realistic look at your finances and your monthly expenditure.
How much do you have available for your mortgage each month? Find out how much it will cost you per month with our mortgage payment calculator:
Mortgage deposit:
- Many lenders offer products which require a 5% deposit.
- The option of 100% mortgages is also available, but this type of product may have higher monthly repayments.
- The size of your mortgage deposit will usually determine the interest rate/lender fees you will be required to pay.
- A larger deposit can reduce your monthly payments and your long term costs whereas a smaller deposit may increase monthly payments.
- As there are many developments taking place in the UK a developer may offer to pay your deposit and other mortgage fees; this may be an option available to you if you are a first time buyer.
Stamp duty:
- Stamp duty is a government tax on land transactions
- Current UK stamp duty as of September 2007 is:
| Value |
Rate |
| up to £125,000 (or £150,000) |
0% |
| over £125,000 to £250,000 |
1% |
| over £250,000 to £500,000 |
3% |
| over £500,000 |
4% |
Solicitor’s fees:
- You will need a solicitor appointed to transfer the property into your name, check if other parties have interest in the property and to pay the stamp duty.
- Average solicitor fees start from 400 and may add on search, land registry fees of 150 and VAT.
Valuation fee:
- This is a fee charged by the mortgage lender to send a property surveyor to the property you are proposing to purchase to confirm that the building is within their lending criteria and that this property can act as suitable security for the lender.
- This fee can start at 300 and increase depending on the value of the property.
- Some lenders may provide a free valuation.
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 Xpress Mortgage Solutions Ltd FSA no: 442108 is an appointed representative of GHL Group who are authorised and regulated by the Financial Services Authority
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