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Remortgaging advice. How to buy second property?

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  • Peony2016
    Peony2016 Posts: 72 Forumite
    Sixth Anniversary 10 Posts Name Dropper
    Pixie5740 wrote: »
    Over half your £30k will be wiped out just paying the higher rate of SDLT on the new property.
    We've got £10k set aside in savings to cover stamp duty and legal fees, but could probably scrape together another £5k by the end of the year
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    LD2016 wrote: »
    We've got £10k set aside in savings to cover stamp duty and legal fees, but could probably scrape together another £5k by the end of the year

    You’re buying an addition residential property so the higher rate of SDLT applies. The higher rate of SDLT on a £325k property is £16k.
  • Peony2016
    Peony2016 Posts: 72 Forumite
    Sixth Anniversary 10 Posts Name Dropper
    Pixie5740 wrote: »
    You!!!8217;re buying an addition residential property so the higher rate of SDLT applies. The higher rate of SDLT on a £325k property is £16k.
    Yeah I just worked that one out! I guess it's possible, but I'm not sure it's worth the extra scrimping and saving, especially whilst we're planning a wedding.

    We'll discuss the options with a broker, but for now we'll probably stick to a 2 year fixed residential mortgage on the flat. We can reassess next year whether to sell up or live in the flat for a couple more years to save more money for the extra stamp duty.
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