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Private Mortgage
Comments
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I'd take advice from a solicitor if this is about stamp duty.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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pompeyfan1 wrote: »I have no credit history.
How come?
no debts, own house, both worked since leaving school.
http://forums.moneysavingexpert.com/showpost.php?p=54985809&postcount=23
Most people in your situation must have some kind of credit history. e.g. on the electroral role (presumably you pay council tax?), gas, electricity, telephone, etc, etc0 -
I pay all the bills yes! But I have never had anything on credit always paid cash when ive needed something.0
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pompeyfan1 wrote: »I pay all the bills yes! But I have never had anything on credit always paid cash when ive needed something.
If you have bills to pay, then that confirms you have credit accounts even if you settle the accounts in cash on receipt of those bills
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ok thanks for that. As you are so clued up, do you know how to go about a private mortgage!? 0
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pompeyfan1 wrote: »Is a private mortgage not a way round stamp duty?
Stamp duty is based on market value of an asset not the consideration paid for it.
So you can be gifted the property by your father. However 1% stamp duty is still payable.0 -
Thrugelmir wrote: »Stamp duty is based on market value of an asset not the consideration paid for it.
So you can be gifted the property by your father. However 1% stamp duty is still payable.
I thought in most cases it was just based on the consideration?
From HMRC:
Anything of monetary value that's given in exchange for the property is referred to as the 'consideration'. This can be cash or another type of payment. It can also include the value of any outstanding mortgage that the buyer takes over. SDLT may be charged on the consideration
Thus if there is no consideration, or it is below the threshold, there is no SDLT to pay:
If the property is received as a gift there's no SDLT to pay, so long as there's no outstanding mortgage on it
http://www.hmrc.gov.uk/sdlt/calculate/transfer-ownership.htm#4I don't want to achieve immortality through my work, I want to achieve it through not dying0 -
Correct, as stamp duty is paid on the purchase price normally, even if the lenders valuer down values the property.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.0
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