In December 2014, a new stamp duty system was introduced by the Government. The aim was for the majority of those purchasing a home to save money.
According to latest figures by My Home Move*, buyers have saved money under the new system. Over the last year, home buyers have collectively saved £1.9 billion in stamp duty costs with the average buyer saving £1,500.
What this means for home buyers
Adam Nanson from Your Mortgage Expert comments:
“This research by My Home Move has found that 87% of estate agents believe that last year’s stamp duty changes have had a positive impact on the market. The new rules mean that those purchasing a home under £125,000 pay no stamp duty and those purchasing between £125,000 and £250,000 pay just 2% stamp duty. Which means the new scheme has particularly benefited First Time Buyers and those purchasing at the bottom end of the housing scale.
“It also means that house prices are more even, meaning that they are less bunched towards the old stamp duty thresholds. I’m personally not sure to what extent it has actually helped interest in house buying because many of the clients I speak to are either unaware of the new thresholds or are not clear how they will benefit from them.”
How Your Mortgage Expert can help
Adam Nanson continues:
“We can explain the new stamp duty thresholds and establish how much you will need to pay depending on the size of your purchase. We can also help you understand what you can afford and what type of mortgage product would be most appropriate for you.”
If you are interested in finding out more about getting a First Time Buyer mortgage or want to understand how much more you will need to pay if you invest in a larger home, why not contact 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cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation.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.
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