Is it time to review your mortgage?
Is it time to review your mortgage?
We are all thinking hard about our outgoings right now and making cuts in our spending.
Whatever rate you’re on and irrespective of the term of your mortgage it’s well worth reviewing it now. You could make a saving and fix your monthly payments.
At the time of writing the UK interest rate is 3.5% and although this is still historically low, many borrowers and homeowners won’t have experienced interest rates this high, so, what does this mean for your mortgage?
The impact of UK interest rate rises on your mortgage
It’s estimated that three-quarters of mortgage holders are on fixed rates and will see no response to rate changes*. However, an estimated 2 million people are said to be on a standard variable rate (SVR) or tracker mortgage and will see their monthly repayments go up.
With the financial markets reportedly anticipating the bank base rate to increase again in February 2023, if you haven’t already done so and have less than 6 months left on your fixed-rate mortgage, or are on an SVR or tracker, speak to a mortgage adviser as soon as possible.
It makes sense to lock in a new fixed rate ahead of further potential rate increases.
Contact us and we can put you in touch with Adam for a friendly chat to see how he can help you and review your options. Adam is an experienced, trusted mortgage advisor for Mortgage Advice Bureau.
Please do remember that your home may be repossessed if you do not keep up repayments on your mortgage.
* ukfinance.org.uk - quarterly-trends-in-economy-analysis.
Thank you very much!!
A very well done from all of us at Marriotts to the fantastic team at Bags of Blessings who worked tirelessly in November and throughout December to pull off the collection of gifts to enable the distribution 1,791 bags of gifts to bring a smiles to children on Christmas morning.
Brighter Tomorrow
We have just planted 500 more trees with JUST ONE Tree!
So many good causes are in need support and trying to decide where our charity donations go is a really tough one.
At Marriotts we are extremely concerned about the global environmental situation which ultimately effects every single one of us, the future of our children and all future generations - urgent action is needed.
JUST ONE Tree is a non-profit initiative removing CO2 from the atmosphere and reversing biodiversity loss through global reforestation. They plant trees in areas severely affected by deforestation to maximise the effect on reducing global warming. In the process they help to provide agricultural education and sustainable incomes to local communities.
Sell your home with us and we will plant 5 trees for you so you can feel good about doing your little bit to help!
Bags of Blessings CHRISTMAS collection 2022 - update
Bags of Blessings – update November 22
Our collection point for Bags of Blessings 2022 Christmas appeal is well on the way!
Thank you so much if you have dropped in a donation already, every little helps go towards making a child smile this Christmas.
Please do pop into our office in Mapperley at anytime if you wish to donate a small toy or gift, story/reading book, confectionary items, pens/pencils/crayons, colouring book.
Let’s all help this wonderful local charity to bring joy to underprivileged children in Nottinghamshire this Christmas.
Gifts for children from birth to 18 are all gratefully received – especially gifts for children over 7, toys for boys and teenage boys which they are always short on.
WHAT DO THE BAGS CONTAIN?
Here is a picture of some of the gifts ready to go wrapped up in the bags from last Christmas.
BAGS OF BLESSINGS NEED YOUR HELP!
Items are needed for children from birth to 18 years old, to be able to fit into a PE sized drawstring bag.
Larger items are passed onto Foodbanks for parents to be able to wrap themselves for Christmas morning.
They are always short of toys for babies, children over 7 and teenage boys.
Please pop into our friendly office on Mapperley Top to drop off your donations anytime Monday – Friday, or Saturdays until 2pm.
We look forward to seeing you 😊
If you can't make it into us here are some other places where you can drop off your items.
COLLECTION POINTS | Bagsofblessings (bagsofblessingsnottingham.org)
What is happening in the property market right now?
Talk to us, we can update you on the local market and help to get you moved!
Do get in touch if we can help in anyway.
Check out our 'Guide to Selling Your House' here.
It is World Animal Day!
Did you know it is World Animal Day today! We absolutely love all animals here at Marriotts!
As part of our environmental commitment Marriotts partner with JUST ONE TREE to help reduce our carbon footprint and restore our planet. One of the things we do is PLANT 5 TREES for every client who sells their house through us which is helping to ensure vital habitats for wildlife survive, along with doing our bit for the environment helping to remove carbon dioxide from the atmosphere.
Permanent change to Stamp Duty - what does this mean for you?
Last week the government delivered a “mini-budget” announcing a number of measures aiming to tackle the economic challenges the UK is facing.
Among the measures announced were significant – and immediate – changes to Stamp Duty Land Tax (SDLT) in England and Northern Ireland.
Stamp duty is a tax you pay when you buy a house. It’s organised in bands where the percentage of tax you pay increases according to the price of the property you’re buying.
The government announcement brings changes that mean around 200,000 people ‘will be taken out of paying Stamp Duty altogether’. So, what does this mean for you?
What has changed?
As of Friday 23rd September, a property must cost £250,000 before stamp duty is payable (this is up from the £125,000 threshold previously), so if you are buying a property that costs less than £250,000, you won’t pay any stamp duty at all. For the next £675,000, the rate is 5%. Here is an example:
You are going to buy a house costing £295,000. The Stamp Duty Land Tax you will have to pay will be calculated as follows:
• 0% on the first £250,000 =£0
• 5% on £45,000 =£2,250
• Total SDLT payable =£2,250
Are you a first-time buyer?
Th great news for you is that you won’t pay any stamp duty on the first £450,000 of you property purchase (this has increased from £300,000). In addition, first-time buyers will now get a tax discount on property purchases up to £625,000 (up from £500,000).
When do the changes start?
The changes came into effect on Friday 23rd September 2022 and these changes to stamp duty are permanent.
If you are buying a second home or the house you are purchasing is above £575,000 different rates apply, have a look at the Government advice on Stamp Duty Land Tax here.
Do you need advice on buying a property? Check out our useful Guide.
Marriotts will be closed Monday 19th September
Marriotts will be closed on Monday 19th September 2022 as a mark of respect to HRH Queen Elizabeth II and to allow our team the opportunity to pay their respects.
Rest in Peace
The Marriotts team remember Her Majesty’s remarkable life and reign, joining with the world mourning the passing of Queen Elizabeth II.
She will forever be remembered for the selfless way in which she dedicated her life to her people and her throne, and for her strong sense of duty.
Our thoughts are with King Charles and all the Royal family at this time.
Rest in Peace.