Telephone
01295 698600

Email
info@cherwellfs.co.uk

Ground Floor
Unit 15 Somerville Court
Trinity Way, Banbury Business Park
Adderbury, Oxfordshire
OX17 3SN

GET DIRECTIONS

Telephone
01295 698600

Email
info@cherwellfs.co.uk

Ground Floor
Unit 15 Somerville Court
Trinity Way, Banbury Business Park
Adderbury, Oxfordshire
OX17 3SN

GET DIRECTIONS
WHAT COSTS SHOULD I EXPECT?

When you buy your first home there are other costs as well as your deposit that you will have to pay.

Depending upon the value of the property you wish to purchase, you may have to pay stamp duty, below gives you an indication of these costs.

HAVE YOU CONSIDERED
THE OTHER COSTS
OF BUYING A PROPERTY?

PROPERTY OR LEASE PREMIUM OR TRANSFER VALUE SDLT RATE
Up to £125,000 Zero
The next £125,000 (from £125,001 to £250,000) 2%
The next £675,000 (£250,001 to £925,000) 5%
The next £575,000 (£925,001 to £1.5 million) 10%
The remaining amount (above £1.5 million) 12%
Example; If you buy a house for £300,000, the Stamp Duty Land Tax (SDLT) you owe is calculated as follows:
0% on the first £125,000 =£0
2% on the next £125,000 =£2,500
5% on the final £50,000 =£2,500
Total SDLT =£5,000

You will also have to cover the costs for the survey or valuation of the property, the cost of this is normally based upon the value of the property and can range from £0 to over £1,000.

You also will need a solicitor who will carry out all the associated legal work that needs to be done when purchasing a property. This is known as conveyancing and the cost of this is based upon the amount of work involved with the purchase.

The lender may also charge an arrangement/booking fee for your mortgage along with our advice fees.

If you ask us to arrange a mortgage for you we can be paid by either commission or a fee or a mixture of them both. 

If you choose to pay us a fee, this will usually be a fee of £500, payable at application, for mortgage advice and recommendation. Plus a fee of £500, payable at completion, for mortgage administration. We will refund to you any commission we receive from the lender.

Contact us to find out how much these fees may be.

HOW WOULD YOU AFFORD
TO PAY YOUR MORTGAGE IF
YOU WERE UNWELL OR YOU MADE REDUNDANT?

Your home may be repossessed if you do not keep up repayments on your mortgage
*Commercial mortgages and some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.

If you have accumulated large overdrafts or credit card bills, and are finding it hard to reduce the outstanding balances, then a re-mortgage could be used to reduce your monthly payments. Please be aware that if you are increasing your mortgage to repay financial commitments then you may be transferring an unsecured debt to a debt secured against your home. If the repayment term is longer, then you may ultimately pay more interest on the debt over that term.

Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on your mortgage.

If you ask us to arrange a mortgage for you we can be paid by either commission or a fee or a mixture of them both. If you choose to pay us a fee, this will usually be a fee of £500, payable at application, for mortgage advice and recommendation. Plus a fee of £500, payable at completion, for mortgage administration. We will refund to you any commission we receive from the lender.

Cherwell Financial Services Ltd is directly authorised and regulated by the Financial Conduct Authority. Registered Office Ground Floor, Unit 15 Somerville Court, Trinity Way, Banbury Business Park, Adderbury, Oxfordshire, OX17 3SN.

Registered in England. No. 08566532

©Cherwell 2018