Property and Inheritance Tax
If you are a UK domicile (eg if the UK is your permanent home), Inheritance tax (IHT) applies to your worldwide assets.
When a person dies, the first £285,000 of the estate is free from IHT and the rest is taxed at 40%. Gifts made to individuals during a person’s life time c=are subject to IHT unless they are made within seven years of the death.
Exemptions are that a gift between a married couple while alive or dead are exempt from IHT with the condition that the spouse is UK domiciled.
If you are non UK domicile i.e. your permanent home is not in the UK but you have property or assets in the UK then only the UK IHT applies to the UK properties. Speak to a specialist tax advisor.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
