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Advice needed
Mikei100
Posts: 3 Newbie
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?
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?
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Comments
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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 - £0-999I am a Mortgage AdviserYou 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 -
Just remember, you have to have the Lifetime ISA opened for at least a year before being eligible for the bonus.0
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Is there a mortgage on the other property?0
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All taken into account, thanks!0
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Bought outright0
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