Remortgaging advice. How to buy second property?

Peony2016

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

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

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.