Be honest please.

[tokyomb]

They would only be £125k max houses though David so I should be able to miss that.

I don’t think you do miss the 3% additional charge, even if the property is below the exemption level for ‘regular SDLT’.

 

[Felonious Crud]

Any financial advisors on here ?

Yeah, all of us. Buy a car, FFS.

 

[Doohickey]

I don’t think you do miss the 3% additional charge, even if the property is below the exemption level for ‘regular SDLT’.

That's right. You pay 3% below £125K and then the normal rate plus 3% above it.

 

[lifes2short]

I am a little conservative with mortgages.

I have a couple of buy to let but only small mortgages - something inside me tell me I should remortgage and buy another as the capital gain in my area continues to outstrip any other investment.

What to do........ what to do...........

You cant go wrong with bricks and mortar

 

[Scaf]

That's right. You pay 3% below £125K and then the normal rate plus 3% above it.

Lol - I have fours cars already !

 

[hoyin]

My buddy recently passed the number of BTL and started a business.

Whilst financially it is better he says getting a business mortgage is a real pain. It takes forever, there are fewer choices and they are much more strict.

In fact he has lost 2 places as the banks were taking too long.


Sent from my iPhone using Tapatalk

 

[rockits]

Don't forget about the govt's latest SDLT wheeze - an extra 3% for second homes in addition to the usual rates.

My closest neighbour has just had his house sale fall through as buyer pulled at. Sold for £2.15m (mine is worth nothing like this btw b4 you ask!) so maybe he pulled out when he discovered the Stamp Duty would be 300k!

 

[Scaf]

My closest neighbour has just had his house sale fall through as buyer pulled at. Sold for £2.15m (mine is worth nothing like this btw b4 you ask!) so maybe he pulled out when he discovered the Stamp Duty would be 300k!

Personally if I had £2.1m to buy a house then £300k of stamp duty would not get in the way!

 

[Adhut]

Stamp duty always gets in the way, regardless of the amount

 

[Ewan]

You cant go wrong with bricks and mortar

Say that to RBS and their shareholders. Their American sub-prime adventure didn’t work out quite so well! (For any of us.)

 

[Ewan]

My closest neighbour has just had his house sale fall through as buyer pulled at. Sold for £2.15m (mine is worth nothing like this btw b4 you ask!) so maybe he pulled out when he discovered the Stamp Duty would be 300k!

You’d think that if you’re bright enough to earn £2M for a house, you’d be bright enough to understand the concept and impact of stamp duty.

 

[rockits]

I've no idea if that was the reason. Likely not but begs the question of why anyone would move when SDLT is 300k on a house like this. No wonder there is a lack of fluidity in the housing market.

 

[JonW]

Say that to RBS and their shareholders. Their American sub-prime adventure didn’t work out quite so well! (For any of us.)

To be fair, RBS and their US counterparts Fannie Mae and Freddie Mac, had got to the point where they were betting on bets related to bets that were related to bets that were based, loosely, on what was expected to happen in the US / global property. I thought most of the serious money was lost on deriviatives, futures and swaps, rather than on loans that were physically secured on real bricks and mortar (or plywood and polyester if talking about US homes!)

 

[Navcorr]

Not just RBS, although not trying to defend Fred "The Shred" Goodwin - should be in jail, they were all at it. CDOs & particularly Synthetic CDOs were by far the biggest loses. Nobel Prize winner Richard Thaler's theory on behavioural economics is, imho, fundamental reading.

 

[Doohickey]

I've no idea if that was the reason. Likely not but begs the question of why anyone would move when SDLT is 300k on a house like this. No wonder there is a lack of fluidity in the housing market.

Unless it was a second home it would be a mere £165K for a £2.1m house. The tax is incremental in bands and anything over £1.5m is 12% SDLT.

Who says the Conservatives don't tax the rich?!

 

[lifes2short]

Say that to RBS and their shareholders. Their American sub-prime adventure didn’t work out quite so well! (For any of us.)

that's just tough poo what happened with all the sub prime business with lenders throwing loans at everyone and anyone, frankly people shouldn't have been stupid enough to over borrow and should have been wise enough to know that after the fixed period the rates would rocket up. I remember the days when you could get 110% mortgages. The point is only borrow what you can easily cover should the poo hit the fan or in other words look at the worst case scenario and cover your a-rse

 

[rivarama]

To be fair, RBS and their US counterparts Fannie Mae and Freddie Mac, had got to the point where they were betting on bets related to bets that were related to bets that were based, loosely, on what was expected to happen in the US / global property. I thought most of the serious money was lost on deriviatives, futures and swaps, rather than on loans that were physically secured on real bricks and mortar (or plywood and polyester if talking about US homes!)

Well subprime wasn’t so much abt the bet on a bet on a bet... but rather an amalgamation of thousands of mortgages with subprime rating (people with bad/no credit offered mortgages they couldn’t afford) and slicing them up for sales to other financial institutions that would do do the same and advertise that as investment grade (safe investment ) and that would go on and on. To the point when all this consolidation/slicing/stacking process of “dirty becomes clean mortgages” would be so opaque that no financial institution could actually tell what it is that they owned.
Sure enough combination of the economy slowing down and the fixed period of the mortgage expired, mortgage owners started to default and the 100s of billions worth of investment grade investments started to default and needing to be impaired

 

[rockits]

Remember NINJA loans? Good concept that one. You have no income, no job or assets but you want a mortgage......sure no problem!

 

[FF1078]

I don’t think you do miss the 3% additional charge, even if the property is below the exemption level for ‘regular SDLT’.

Well I have learnt something. I thought it was anything over that price. So on £110,000 house I pay £3300 not out of this world but still p1sses you off when you know the goverment will just squander it!

 

[daverichardson]

The sub prime thingy was just simply greed. We all know what happens next.
Interestingly I read somewhere it would have been cheaper to give the population of UK £1million each rather than bale the banks out.