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cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation.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.

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*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