Have you got your head around stamp duty yet?
At Bear Estate Agents, stamp duty is often asked about. It is the tax that the government charges on top of a property purchase price.
Changes to stamp duty rates were LAST made in April 2017.
A quick rundown of the categories will show that the first £125,000 of a property price has no stamp duty added.
WITH NOVEMBERS BUDGET NEWS, HOWEVER, THAT FIRST CATEGORY HAS NOW CHANGED TO £300,000, for first time buyers, on a property price of up to a maximum of £500,000.
This means that a first time buyer getting their foot on the property ladder will not now have to pay Stamp Duty in that category!
THE SAVING THIS NEW MEASURE MAKES IS UP TO £5,000 on a £300,000 property.
In effect this saving could be used to be put towards a mortgage deposit and bring an overall mortgage term and costs down.
It could even be used to enable a first-time buyer to afford to buy their longed-for home and give the slowing down property market a much-needed boost.
If you have any questions about how it affects your purchase, please email our dedicated experts at firstname.lastname@example.org or call on 01702 811211.
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Thanks for reading, Sharon Harris.
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