The costs of moving home
Land and Buildings Transaction Tax (LBTT)
Land and Buildings Transaction Tax (LBTI) is a tax payable on all property purchases over £145,000. The amount of tax payable is based on the purchase price of your home, and the rates from April 2021 are summarised below:
£0 - £145,000 = No LBTT
Above £145,000 to £250,000 = 2%
Above £250,000 to £325,000 = 5%
Above £325,000 to £750,000 = 10%
Over £750,000 = 12%
If the purchase price is above £145,000, LBTT is charged at different amounts across each of the price bands. For example, a house bought for £280,000 is charged at:
0% for the first £145,000
2% for the next £105,000 (up to £250,000)
5% for the next £30,000 (between £250,000 and £325,000)
In this scenario, £3,600 would be paid in LBTT. There is an online calculator located at https://revenue.scot/calculatetax/ calculate-property-transactions.
The purchase price of the house doesn't include moveable property, like curtains and furniture.
Speak to your sales advisor to find out more about LBTT, or visit revenue.scot for up-to-date information.
Finding a mortgage
There are many different types of mortgages available from a wide variety of lenders, including banks and building societies.
All financial representatives are required to provide best advice in relation to your loan. They operate under the regulation of the Financial Conduct Authority (FCA), whether independent or tied to a particular lender.
How much your mortgage will cost you each month is entirely dependent on what mortgage you choose. That’s why it’s important that you find the one that’s right for you.
If you are unsure of how to seek financial advice, one of our sales advisors will assist you in finding an independent financial advisor or mortgage broker.