Mortgage Calculators

Mortgage repayment calculator
http://www.guardian.co.uk/money/mortgage-calculator

Karl Jeacle’s Mortgage Calculator
http://www.drcalculator.com/mortgage/uk/

The Motley Fool’s Mortgage Calculator
http://www.fool.co.uk/mortgages/mortgage-calculator/borrow-calculator.aspx

 

Estimate your overall cost of buying a house and moving
“Deposit, Stamp duty, Valuation fee, Surveyor’s fee, Legal fees, Electronic transfer fee, Estate agent’s fee, Removal costs”
https://www.moneyadviceservice.org.uk/en/articles/estimate-your-overall-buying-and-moving-costs

Stamp Duty calculator
https://www.moneyadviceservice.org.uk/en/tools/house-buying/stamp-duty-calculator

 

Historical Rates

 

A mortgage warning, take a look at the UK Interest rates’ history since 1694
http://blog.moneysavingexpert.com/2010/11/04/a-mortgage-warning-take-a-look-at-the-uk-interest-rates-history-since-1694/

UK Interest Rates
http://www.housepricecrash.co.uk/graphs-base-rate-uk.php

Interest rates might rise, but here are five reasons why you DON’T need to fix your mortgage
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11795554/Interest-rates-might-rise-but-here-are-five-reasons-why-you-DONT-need-to-fix-your-mortgage.html

30-Year Fixed-Rate Mortgages Since 1971
http://www.freddiemac.com/pmms/pmms30.htm

 

 

House sales related terms

Absorption Rate

What is absorption rate in real estate?
https://www.youtube.com/watch?v=Og3TFkF2S-M

Absorption Costing
“A managerial accounting cost method of expensing all costs associated with manufacturing a particular product. Absorption costing uses the total direct costs and overhead costs associated with manufacturing a product as the cost base. Generally accepted accounting principles (GAAP) require absorption costing for external reporting.
Absorption costing is also known as “full absorption costing”.”
http://www.investopedia.com/terms/a/absorptioncosting.asp

 

What about interest rates future ?

Yield Curve
http://www.investopedia.com/terms/y/yieldcurve.asp

Bonds & Rates
http://markets.ft.com/research/Markets/Bonds

 

 

All Costs for Buying a Home

 

What fees will you pay? Stamp duty, mortgage fees and more
“1) Mortgage fees: Paid to your lender
> Arrangement fee
How much? £0-£2,500
When do I pay? Either on mortgage application or add it to the loan
Who do I pay? Your lender
Will I always have to pay this fee? No
Do I need to pay upfront or can I add it to my mortgage? Either
> Booking fee
How much? £100-£200
When do I pay? On mortgage application
Who do I pay? Your lender
Will I always have to pay this fee? No
Do I need to pay upfront or can I add it to my mortgage? Pay upfront

2) Valuation fee: Paid to your lender
How much? On average £300-£400
When do I pay? At mortgage application (often together with the mortgage booking and mortgage arrangement fee)
Who do I pay? Your lender
Will I always have to pay this fee? No, some lenders will pay it for you
Do I need to pay upfront or can I add it to my mortgage? Pay upfront

3) Survey fee: Paid to your surveyor/lender – optional but advisable
How much? £400-£700 depending on survey type
When do I pay? When you commission the survey
Who do I pay? The surveyor (or the lender if they arrange it for you)
Will I always have to pay this fee? No, surveys are optional
Do I need to pay upfront or can I add it to my mortgage? Pay upfront

4) Broker fee: Paid to your broker- if it charges
How much? £0-£500 (assuming the broker also keeps their commission)
When do I pay? Varies depending on broker, usually completion
Who do I pay? Your broker
Will I always have to pay this fee? No, some brokers are fee free
Do I need to pay upfront or can I add it to my mortgage? Depends on the broker but usually upfront or when the mortgage completes (but you can’t add it to the loan)

5) Stamp duty: Paid to the Government
PURCHASE PRICE STAMP DUTY RATE – ON THAT PORTION OF THE PURCHASE PRICE
Up to £125,000 Zero
£125,000.01 to £250,000 2%
£250,000.01 to £925,000 5%
£925,000.01 to £1,500,000 10%
£1,500,000.01+ 12%

How much? Depends on the price of your property
When do I pay? On completion
Who do I pay? The Government (usually via your solicitor)
Will I always have to pay this fee? No, not if your property costs less than £125,000
Do I need to pay upfront or can I add it to my mortgage? Pay upfront

6) Conveyancing fee: Paid to your solicitor

How much? Ranges from £500-£1,500
When do I pay? Throughout the process & on completion
Who do I pay? Your solicitor
Will I always have to pay this fee? No, some lenders will pay it for you
Do I need to pay upfront or can I add it to my mortgage? Upfront

7) Don’t forget the Land Registry fee: Paid to the Land Registry
How much? Up to £500, but depends on property price
When do I pay? After completion
Who do I pay? The Land Registry (via your solicitor)
Will I always have to pay this fee? Yes
Do I need to pay upfront or can I add it to my mortgage? Pay upfront

Costs after completion

8) Removal costs
Unless you can pile your belongings into the back of a car, factor in the cost of a removal van. These start at £100 for small local moves, but can easily cost up to £1,000 for shifting a family’s worldly goods long distances.

9) Service charges, ground rent and upkeep
Once you’ve bought, there are likely to be further fees to pay. If you buy a leasehold flat (where you don’t own the land – you effectively pay the property price to rent it from the freeholder for many decades), you’ll almost certainly pay a service charge for the upkeep of the property and shared areas, plus ground rent to the freeholder.

Even if you own the freehold or are a joint freeholder with other neigbours, factor in maintenance costs as you will need to clean communal areas or fix the roof etc.

10) Furniture and extras
Then there are boring but essential extras: light bulbs, lamp shades, toilet brush, washing up bowl, door mats, hooks and extension leads. See how to furnish your pad for free using Freecycle and Freegle.

11) Your mortgage repayments! Paid to your mortgage lender
Carefully decide what you can afford
Don’t over-stretch yourself or you risk financial ruin. And crucially, don’t push too hard. Remember, not having a mortgage isn’t as bad as getting one then being repossessed.

Factor the fees into your calculation, so you’ll know how much you have left to spend on the property itself.”
http://www.moneysavingexpert.com/mortgages/mortgage-fees-stamp-duty

ground rent, peppercorn’ rent
http://www.leaseextension-uk.info/lease-extension-calculator.html

Extend your lease
http://www.moneysavingexpert.com/mortgages/extend-your-lease

A guide to homebuyer surveys and costs
“One in five homebuyers rely solely on a mortgage valuation report, so it’s no surprise that many are hit with repair bills once they move in. Getting a survey can help avoid the stress and cost of making repairs further down the line.”
https://www.moneyadviceservice.org.uk/en/articles/a-guide-to-homebuyer-surveys-and-costs

Mortgage valuations are not in-depth surveys
“What a mortgage valuation is (and what it isn’t)
Mortgage valuations don’t take long – approximately 15-30 minutes. They do not go into anything more than superficial depth when considering the condition of the property.

The mortgage valuation is for the benefit of the mortgage lender. It is designed to give enough information for the lender to decide whether the property is safe to lend on, and up to what amount. Though you may pay for the report, you may not get a copy or even see what the surveyor has written.

The valuation is based on the surveyor’s knowledge of comparable prices in the locality. It may also give a “minimum reinstatement value”, which is the amount of money it would take to rebuild the property from scratch, should it ever be necessary. Later on, the mortgage lender will ask to see evidence that a suitable buildings insurance policy is in place, together with confirmation that you are covered for the minimum reinstatement value.”
http://moneyfacts.co.uk/guides/mortgages/mortgage-valuations-are-not-in-depth-surveys200412/

Which conveyancers can act for HSBC
https://www.lenderlawyerconnect.co.uk/DownloadDocs/Cqs

Online estate agents

How to sell your house: Online estate agents
http://www.which.co.uk/money/mortgages-and-property/guides/how-to-sell-your-house/online-estate-agents/

 

How much you can borrow? What might effect your borrowing? Affordability Calculators

Do all banks and building societies take pension contributions into account when deciding whether to approve a mortgage?
http://www.theguardian.com/money/2015/may/07/i-failed-to-get-a-mortgage-because-of-my-pension-contributions

 

Mortgage Affordability Calculator
https://www.moneyadviceservice.org.uk/en/tools/house-buying/mortgage-affordability-calculator

How much could you borrow?
https://www.hsbc.co.uk/1/2/mortgages/how-much-can-i-borrow

How much can I borrow?
http://www.moneysavingexpert.com/mortgages/how-much-mortgage-borrowing