Landlords and those buying second homes will soon have to pay more in stamp duty, the chancellor has announced in the Autumn Statement. This was reported in the Financial Reporter on 25th November following the Chancellor’s Statement*.
The changes will be introduced in April 2016 and will mean all Buy to Let investors and those buying a second home will have to pay an extra 3% on each stamp duty band. The aim is for this money to raise an extra £1bn for the Treasury over the next six years.
What this means for Buy to Let investors
Adam Nanson, Managing Director of Your Mortgage Expert comments:
“Both the Financial Reporter and the Telegraph** have reported an angry reaction from Landlords and the Association of Residential Letting Agents. And, it isn’t surprising, especially with the removal of tax allowances for Buy to Let investors that we reported earlier in the year.
“The changes to the tax rules for landlords were enough to encourage a surge in Buy to Let investors. So, we would predict the same over the forthcoming months as landlords seek to invest in property now before they have to pay more in April 2016.”
How Your Mortgage Expert can help
Adam continues: “We have experience working with landlords who have simple portfolios to those that are more extensive and complex.
“We understand that arranging finances for a portfolio of properties can get complicated. We also know that some lenders put restrictions in place for Buy to Let borrowers. As such, we can help you overcome some of the problems you might encounter.
“We have access to the whole of market mortgage deals, some of which are not available directly.”
To find out how Your Mortgage Expert can help you maximise the growth from your investment, contact Adam on 01722 322683. We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. TenetLime cannot be held responsible for information that was correct at the time but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
Most forms of Buy to Let mortgage are not regulated by the Financial Conduct Authority.
Please be aware that from 6 April 2016 higher rates of Stamp Duty Land Tax will be applied to the purchase of additional residential and non-residential properties. For further information visit the Government website on the consultation. Please note, by clicking on the link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Please note, but clicking on the below links, you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
*Source: Financial Reporter 25th November 2015 http://www.financialreporter.co.uk/finance-news/is-a-3-stamp-duty-rise-the-nail-in-the-coffin-for-btl.html
**Source: Telegraph 25th November 2015 http://www.telegraph.co.uk/finance/12016326/Autumn-statement-2015-Buy-to-let-landlords-sacrificed-again-with-3pc-stamp-duty-hike-to-help-first-time-buyers.html