Newbies need advice

melt71

Hi everyone,

My partner and I are currently trying to buy my existing home of my ex husband. Everything has been pretty much agreed (apart from a query on Capital Gains Tax which I'll come to later) and we are now in the process of finding a mortgage.

Do any of you know about Egg Mortgages? We have found one that seems quite good for us (repayment with discount for 6 months and lower than what seems to be the standard rates after that but without any tie in). :P

It seems like it's the best one (of the ones we've checked on the net). The reason we don't want any tie ins is because we may need to move within the next couple of years due to my partners job.
http://new.egg.com/visitor/0,,3_68772--View_1423,00.html
If anyone can point us in the direction of any other similar mortgages I would be very grateful!!

The other query we have is capital gains tax. Is it payable when a spouse is buying the property from her ex? He hasn't lived here for nearly 4 years now, but me and our daughter have lived here all that time.

The mortgage outstanding is £78,000 (he has already remortgaged and kept £32K). We are buying the property for £93,000 (plus an additional payment to him of £15,000 when we sell the house). The house is currently valued at £165,000. We've had conflicting views on whether any CGT would be due or not from the 'experts'.

Thanks for any replies received,

Mel

payless

if you are not already on mortgage- assume this will be a normal purchase

Egg is competitive, helped by the short discount - but there are lower rate ( average rates - if held over 12m) avalaible on other deals - aghin with no ties.Depends if you want all the other features they offer.

CGT - if it was his main residence at one stage he will get relief for that time- and likely 3yrs after
( not sure about time dependants were living there- rules did change)

melt71

Thanks payless,

Where can I find details of the mortgages you are talking about with lower rates and no ties?

I've tried the online searches which show lots of available mortgages, but you can't specify that you specifically want mortgages without ties, so the majority of them have ties (some upto 10 years!).

Thanks again

Mel

payless

If the sourcing systems online are confusing- best to speak to a broker
http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Mortgages;action=display;num=1063929431