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Remortgaging can be a great opportunity to save money on your mortgage repayments. The best deals available are usually those that have fixed terms and so a discounted rate is offered throughout this fixed term. When this comes to an end, you will move on to the lender’s standard variable rate which follows the Bank of England base rate. This will usually result in you paying a far higher rate than the one you had previously and by remortgaging you may be able to secure a new fixed or tracker rate at a lower interest rate thereby saving you money. However, there are many factors to consider which will affect whether you are likely to save money by switching mortgage deals. Firstly, do you your research on the rates available. There are various mortgage calculators available online which will help you to do this. You could also instruct a mortgage adviser or mortgage broker to assist you as they will have access to a range of products across the market with various different lenders. Secondly, consider the fees that you will incur during the remortgage process and ensure these won’t outweigh the savings that you are going to make by securing a new rate. This is particularly relevant where you are still in a fixed term deal as you are likely to have to pay an early repayment charge if you leave this deal early. This is usually calculated as a percentage of the loan remaining and can be quite considerable for example where there is a large loan outstanding or you are still in the early stages of the fixed term. Thirdly, consider your future plans. Locking into a 5 year fixed deal might present you with a great saving upfront but if you plan to move house within the next 5 years, this may not be the best option for you overall as you risk having to pay potentially hefty early repayment charges. You may also be able to save money on your mortgage where your property has increased in value or you have more equity in the property. This is because the loan-to-value changes as you decrease your loan amount. For example, if you took out a £135,000 mortgage on a £150,000 property your loan-to value would be 90%. If 3 years later the property is now worth £195,000 and you have also paid off £20,000 on the loan then your loan-to value would now be 60% and you are likely to be able to get much more competitive rates from lenders. If you only have a small amount of the loan left to pay then the savings to be made from switching to a different rate may be too small to make it worthwhile. It is therefore advisable to consider your personal circumstances, future plans and to compare different deals with different lenders before deciding whether remortgaging is the best option for you.

In the UK, Stamp Duty Land Tax (SDLT) is generally not applicable to a transfer of equity, provided certain conditions are met. SDLT is primarily associated with the purchase or acquisition of property, and a transfer of equity involves a rearrangement of ownership among existing co-owners rather than the acquisition of a new property, generally meaning that the new owner / co-owner does not have to pay SDLT. However, there are some circumstances where SDLT might be triggered: Consideration Paid: If money or other forms of consideration (such as the assumption of debt) is changing hands as part of the transfer of equity, SDLT may be applicable. For example, if one party is buying out another's share, the monetary value of the consideration could be subject to SDLT. Mortgage on the Property: If there is an outstanding mortgage on the property and the transferring party is released from the mortgage obligation, this could be considered as consideration, potentially leading to SDLT liability. Joint to Sole Ownership: If the transfer involves a change from joint ownership to sole ownership, and there is an outstanding mortgage on the property, SDLT might be triggered on the share of the property that is subject to the mortgage. Gifts with Reservation of Benefit: If the transfer is a gift but the donor retains some benefit from the property, SDLT may be applicable. It's important to note that the rules regarding SDLT are subject to change, and it's advisable to seek professional advice from a solicitor or tax advisor to ensure compliance with the current regulations. If SDLT is applicable, it is typically the responsibility of the party acquiring the interest in the property to report and pay the tax to HM Revenue & Customs within 14 days of the effective date of the transfer. In summary, while a straightforward transfer of equity without consideration or changes to mortgage arrangements is usually exempt from SDLT, it's essential to carefully assess the specific circumstances of the transfer to determine whether SDLT obligations apply. Professional advice is recommended to navigate the complexities of SDLT regulations.

When you are selling a house, prospective buyers will want to come and view the property before they can decide whether they would like to put an offer in. You will want to ensure when presenting your home to potential buyers that the best features of your home are brought to the attention of the person viewing your home, as they are more likely to put an offer in if the best features are highlighted. Estate agent If you allow an agent to conduct viewings on your property, they are more likely to know what the buyers are looking for as they may have discussed this with them previously. The estate agent can then stage the house, to make the house more attractive to the person viewing the house. If there are any issues the viewers have, the agent can also suggest changes to the property which potential buyers may raise as a concern. Someone viewing a house with an estate agent is more likely to give their honest opinion on the house, rather than if they view the property with the seller of the home. Conduct viewings yourself You know your home the best, so you may prefer to show potential buyers around your home yourself. You will be aware of all the best selling points and best features of your home, that an estate agent may not be aware of from visiting the house. If you are conducting the viewings yourself, you are more likely to be able to offer flexibility to people who have reduced availability. For example, if a buyer can only come on an evening after work, the seller of the house is more likely to be able to accommodate this rather than the selling agent. Another point is that some people may not be comfortable with people walking around their home when they are not there, as your home keeps all of your personal belongings. Whether you conduct viewings on your home yourself is a personal preference. There are benefits to having the estate agent conduct a viewing for you (if this is an option), but there are also benefits to doing this yourself.