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How will the Stamp Duty cut help First Time Buyers?

In the November Budget, the Chancellor announced that Stamp Duty will be scrapped for First Time Buyers purchasing properties with a value of less than £300,000. He claimed that this move will cut the Stamp Duty tax for 95% of First Time Buyers and abolish it for 80%*. What this means for First Time Buyers Adam Nanson from Your Mortgage Expert comments: “Because these new changes come into force with immediate effect, we’ve already had clients who have completed on purchases who have saved money. How much First Time Buyers will save will obviously vary depending on the value of the house they are purchasing. But, the Chancellor has predicted that the average First Time Buyer will save about £1,700 in Stamp Duty**. “And, for houses valued at £300,000, First Time Buyers will save £5,000 on the tax they would have paid on Stamp Duty. This will mean that, for those struggling to pull together enough deposit, this money ear-marked for Stamp Duty could now be diverted into a deposit instead.” How Your Mortgage Expert can help Adam Nanson continues: “For First Time Buyers, one of the biggest barriers to purchase is often affordability, so anything that helps with this is a great thing. If you’re looking to buy your first home and you’re not sure how much you can afford, then it can really help to speak to an independent mortgage broker like Your Mortgage Expert. “We will sit down with you and go through your income, expenditure and clearly go through all the costs associated with purchasing a home to establish your financial situation. We will also break down all the jargon, so you understand exactly what is involved with applying for a mortgage and take away the hassle and administration from you.” If you are interested in applying for a mortgage, why not speak to Your Mortgage Expert? We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK. Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you. The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683. 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, by clicking on the link below 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: http://www.independent.co.uk/news/uk/politics/budget-2017-stamp-duty-first-time-buyers-housing-market-property-300000-tax-a8069546.html **Source: http://www.bbc.co.uk/news/business-42095146

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Lighting can add value to your house

According to the latest Lighting Guide from our friends at Light My Space, good lighting can increase the value of your property*. In fact, estate agents, garden designers and property experts place outside lighting as fourth in a list of garden features that significantly add value to a property, with 66% believing good outside lighting adds value**. (more…)

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1 in 4 move house to be near a good school

Research from Santander has found that a quarter of parents move house in order to be within the catchment area of a good school. Families are also prepared to spend an extra 12% to buy within their chosen school catchment address, adding £26,800 to the average UK property price. 1 in 5 also of those moving to be near a particular school had to change jobs and 20% downsized*. This follows research released by RightMove which found that parents are spending over £50,000 more to live near a good school**. (more…)

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£35 billion worth of houses ready to remortgage by the end of October

Latest research by consumer data company, CACI shows that there are a large number of deals coming to the end of their fixed term this Autumn. And this means that, over the next couple of months, they are predicting a “remortgage frenzy”. This was reported on the Your Mortgage website. (more…)

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Not switching mortgage provider could cost you

According to Citizens Advice, being loyal to your mortgage provider could cost you over £400 a year. The charity found that, those who didn’t switch mortgage provider and stayed on their current lender’s standard variable rate faced an average loyalty penalty of £439 a year*. Their research also found that, First Time Buyers, who typically have more debt and more time left on their mortgage, paid an extra £1,359 a year when their fixed deals expired. (more…)

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House prices bounce back

Latest findings from the Nationwide house price index show that UK house prices have bounced back in June. This follows three months where house prices fell slightly. The latest Nationwide index reveals that, in June, house prices grew by 1.1% on the previous month, while annual house prices rose by 3.1% taking the average house price to £211,301*. (more…)

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