Rates and fees
When you’re budgeting to buy a new home, don’t forget to factor in the fees and moving costs that come with it. Make sure you plan carefully so you have enough funds to cover everything.
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Stick to your budget with a Fixed Rate mortgage
At Reliance Bank we offer a Fixed Rate Mortgage product especially for First Time Buyers, this is a 2 Year Fixed Rate. It means your interest rate – and therefore your monthly payment will remain the same for the period of the product.
At the end of your fixed rate period your mortgage will revert to a variable rate, although we will write to you before the end of your fixed rate period to let you know what other mortgages are available to you.
Our fixed rate products are fixed until a certain “end date” – which means in some instances, the Bank does not fix rates for 24 payments for 2 year fixed rates and 60 payments for 5 year fixed rate products.
Choose when to pay your mortgage arrangement fee
If your mortgage has an arrangement fee, you have a choice of ways to pay it. You can either pay it up front when you submit your full mortgage application. Or you can ask us to add the fee to the mortgage loan amount. This second option can help with the impact of initial set-up and moving costs, but please bear in mind that you will pay interest on the fee amount over the term of the mortgage loan. If the case does not complete and the fee has been paid upfront then the fee is non refundable. If the fee is added onto the loan and the customer does not complete then there is no cost (as the customers have to pay interest on the product fee as its added to the borrowing over the term of the mortgage).
What about stamp duty?
Stamp duty is a tiered tax based on the purchase price of the property you’re buying, and is set by the government. Your solicitor will advise you of the correct amount you’ll have to pay, if any. In the meantime, you can get an idea of your potential stamp duty bill using HMRC’s Stamp Duty Land Tax calculator