Mortgage Calculation

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When you're doing your sums, think beyond the mortgage

For most people the mortgage calculation is a simple one: here's the repayments, can you afford them? However, there are other things to think about too. There's stamp duty, council tax and all the costs of moving home, and that's before you start redecorating your new abode. Budget carefully!

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When you move house, you'll probably make a simple mortgage calculation: can I afford the repayments? If you're canny, you'll also work out whether you'd struggle should interest rates rise. However there are other factors you should take into account when you do your mortgage calculation; if you don't, you could get a nasty surprise.

The first thing to think about is stamp duty, a flat rate of tax charged on property purchases over £60,000. If your prospective purchase is worth more than that figure, check the inland revenue web site to see if it's in an officially designated "deprived area". You'd be surprised by the places that have been labelled deprived, and properties in those areas aren't subject to stamp duty until the purchase price exceeds £150,000.

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