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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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Bank of Mum and Dad to fund 26% of mortgage payments in 2017

According to latest figures from Legal and General, Bank of Mum and Dad will stump up the cash for over a quarter of mortgage payments in 2017. The figures predict that parents will fund £6.7bn worth of money to help pay their child’s mortgage deposit. Making parents as important as the top 9th mortgage lender in the UK*. (more…)

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January mortgage lending highest since 2008

The value of mortgage lending in January 2017 reached its highest levels since 2008 figures from the CML have shown*.  Mortgage Lending reached £18.9bn in January which is 2% higher than January 2016 but still 6% lower than December’s total lending of £20bn. According to the CML, the strong market figures can be attributed to an increase in First Time Buyers and people remortgaging which has offset the weaknesses in the Buy to Let and home movers markets. (more…)

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Half of mortgage owners have no life cover

According to latest research from Scottish Widows, half of those with a mortgage have no life cover in place. This means that they could be leaving themselves or their families financially exposed if something happened to them. The research also shows that only 20% have cover for Critical Illness, which means they could be at risk of financial hardship in the unfortunate event that they were to become seriously ill. (more…)

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First Time Buyers unaware of Help to Buy and other government schemes

First Time Buyers unaware of Help to Buy and other government schemes

Latest research by Precise Mortgages has found that a significant number of First Time Buyers are unaware of the various schemes that are available from the Government to help them purchase a property such as the Help to Buy scheme. 41% of those surveyed had a low awareness of the Government’s Help to Buy ISA which was launched last year. This was reported on the What Mortgage Magazine website in April*. (more…)

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ARCHIVE Many lack understanding on how to apply for a mortgage

Latest research by What Mortgage Magazine and Equifax has found that many buyers don’t understand the process of applying for a mortgage. Two years ago, new mortgage affordability rules were introduced and this research finds that many are unaware of how these rules might affect their application. This was reported in What Mortgage Magazine on 9th March 2016*. (more…)

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Archive: First Time Buyers spend over £50,000 on rent before buying

According to latest research from the Association of Residential Letting Agents, people in the UK will have previously spent, on average, £52,900 in rent before they purchase their first home. This research on First Time Buyers was reported in the Guardian in February*. The research, is based on someone renting for 13 years, and shows that the situation is worse for First Time Buyers in London where the figure paid to landlords is £68,300. (more…)

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