Fix rate term to come to an end

heytoki

Hello people,

My 5 year Fix term mortgage will come to an end in July 2020 and i would like to start looking at the options i will have, especially if i decide to sell my property and buy another one.

This is a new territory for me and i would like to know how much i will be able to borrow and what will be my budget after expenses, etc.

What is the current amount the lenders are willing to lend? is it 5 times Gross Salary?
Also, if i sell my property to buy a new one, do i have to pay taxes on capital gains?
Is it the stamp duty rate applicable as if i were a first time buyer?

Thanks,

Medihv

Hello,

Most high street lenders will lend 4x, with other lending 4.49x up to a maximum of 5x (not common).

Your outgoings may effect the amount you can borrow. But not always.

You main home is exempt from Capital Gains Tax, you will only pay this on additionally properties.

As for Stamp duty, use the link below.

https://www.stampdutycalculator.org.uk/