High SVR

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    High SVR

    I have a broker but he's completely taken his eye off the ball. With my own home I have found out that I have been paying 7 yrs worth of excess interest only with Santander and with three btl with Bof scotland. As neither lender advised me of their internal product transfer do you think I would have any recourse with the banks...dury of care and all that?

    #2
    Your broker helps you to find a mortgage but they do not hang around for the whole of your mortgage term.

    The Mortgage Lender will send you an annual statement showing your mortgage repayments every year after April .
    Its your own responsibility to check the statement is correct.

    I think your eye has not been on the ball.

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      #3
      I guess your right. You just expect when you have used the same broker for many btls they would keep you informed so they can sell you a better product so both sides win.....

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      • Reply to Caught out by changes to Capital Gains Tax
        by jpkeates
        You have to make the return to tell HMRC there is no tax to pay, if that's the case.
        There is no option not to tell HMRC....
        09-12-2021, 09:58 AM
      • Caught out by changes to Capital Gains Tax
        by reluctantlandlord1976
        I appreciate 'ignorance' is no excuse, however there are some mitigating factors, i.e. due to illness etc.

        1. Previous family home rented out - terrible tenants - left owing rent, bad repairs etc. [usual story for some] subsequently property not let for 2 years for a number of reasons while...
        06-12-2021, 13:51 PM
      • Reply to Caught out by changes to Capital Gains Tax
        by Gordon999
        I think Andrew is correct .

        You start with 1/3 interest ( in 1982 valued at £6500 ? ) plus 1/6 interest from parent1 ( valued at £20K ?) plus 1/2 interest from parent 2 ( valued at £60K ? ). This probably takes your total entry cost to around £40K.

        Your total capital...
        09-12-2021, 09:47 AM
      • Reply to Caught out by changes to Capital Gains Tax
        by reluctantlandlord1976
        Hi Andrew
        First of all I've got an initial appointment to speak to an accountant on Friday!

        Can I just check where you write ' ...at death 1/6th of the value of the whole would have been deemed to pass to you for CGT purposes as the survivors would share the whole'.

        Does...
        08-12-2021, 18:02 PM
      • Reply to Caught out by changes to Capital Gains Tax
        by jpkeates
        Even if probate wasn't mandatory, it would probably have been useful.
        08-12-2021, 13:44 PM
      • Reply to Caught out by changes to Capital Gains Tax
        by AndrewDod
        Yes this would be the case if it was jointly owned (not as tenants in common). The situation would be that at death 1/6th of the value of the whole would have been deemed to pass to you (for CGT purposes), as the survivors would share the whole.

        So for the 3 periods you would be taken...
        08-12-2021, 12:51 PM
      • Reply to Caught out by changes to Capital Gains Tax
        by reluctantlandlord1976
        jpkeates
        There was no estate as such, property jointly owned - they were both retired at time of purchase living on small pensions, hence I bought with them so they could stay in the home they'd been renting from council from early 1950s to March 1982 at time of purchase. And I paid for the initial...
        08-12-2021, 10:50 AM
      • Reply to Caught out by changes to Capital Gains Tax
        by jpkeates
        I don't know the historic thresholds, but it's bizarre that there's no probate for both of your parents, their estate has to be tiny for that to be possible nowadays.
        It's probably too late for HMRC to do anything about that, but that process sets the values for CGT calculations later on, so it's...
        08-12-2021, 10:28 AM
      • Reply to Caught out by changes to Capital Gains Tax
        by reluctantlandlord1976
        Morning Andrew
        Thanks for your response early this morning and clarifying I have to make three separate calculations [the split wasn't clear on the CGT calculator].
        I understand the query on the value but this is an ex council house on a council estate [I feel I have to defend it here as...
        08-12-2021, 08:45 AM
      • Reply to Caught out by changes to Capital Gains Tax
        by AndrewDod
        As gordon indicates you need to consider it in three entirely separate parts, each have their own gain and calculation --

        The part YOU owned before Death 1
        The part YOU owned between Death 1 and Death 2
        The part you owned after Death 2

        Based on the values you give...
        08-12-2021, 05:52 AM
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