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  • FIRST POST
    • Mikei100
    • By Mikei100 16th Jul 17, 8:41 PM
    • 3Posts
    • 0Thanks
    Mikei100
    Advice needed
    • #1
    • 16th Jul 17, 8:41 PM
    Advice needed 16th Jul 17 at 8:41 PM
    My partner and I are considering when to buy our first place together. We are looking for a two bedroom property (ideally a flat) in East London. Our combined annual income is £62,450 before tax and we would hope to get a property around £260,000 at most.

    One of us will be using the LISA for our deposit (around £10,500 inc. bonus). The other has a share in a property. Would it be possible to get a fixed rate mortgage using just the LISA money as a deposit?

    Can you give us a rough breakdown of the fees (included conveyancing, mortgage fees etc) that would be incurred on a property of that price? We would like to know how much we still need to save.

    In addition, my partner is weighing up whether to keep their share in the other property, given the new Stamp Duty bands. Is there a way they can do this and avoid paying the charge?
Page 1
    • ACG
    • By ACG 16th Jul 17, 8:47 PM
    • 16,126 Posts
    • 8,307 Thanks
    ACG
    • #2
    • 16th Jul 17, 8:47 PM
    • #2
    • 16th Jul 17, 8:47 PM
    Arrangement fee is normally £1k ish - if it is charged at all.
    Valuation fee - £400ish
    solicitors around - £1k including searches.
    stamp duty - https://www.stampdutycalculator.org.uk/
    Mortgage brokers fee - £0-999
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • glosoli
    • By glosoli 16th Jul 17, 8:57 PM
    • 675 Posts
    • 391 Thanks
    glosoli
    • #3
    • 16th Jul 17, 8:57 PM
    • #3
    • 16th Jul 17, 8:57 PM
    Just remember, you have to have the Lifetime ISA opened for at least a year before being eligible for the bonus.
    • Thrugelmir
    • By Thrugelmir 16th Jul 17, 9:09 PM
    • 56,783 Posts
    • 50,159 Thanks
    Thrugelmir
    • #4
    • 16th Jul 17, 9:09 PM
    • #4
    • 16th Jul 17, 9:09 PM
    Is there a mortgage on the other property?
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • Mikei100
    • By Mikei100 16th Jul 17, 10:01 PM
    • 3 Posts
    • 0 Thanks
    Mikei100
    • #5
    • 16th Jul 17, 10:01 PM
    • #5
    • 16th Jul 17, 10:01 PM
    All taken into account, thanks!
    • Mikei100
    • By Mikei100 16th Jul 17, 10:02 PM
    • 3 Posts
    • 0 Thanks
    Mikei100
    • #6
    • 16th Jul 17, 10:02 PM
    • #6
    • 16th Jul 17, 10:02 PM
    Bought outright
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