Stamp Duty Cuts Have Saved First Time Buyers £284M
The changes introduced by the government mean that if you are a First Time Buyer purchasing your first home for under £300,000 you no longer have to pay Stamp Duty. If, you are purchasing a home for up to £500,000 you will also benefit from a Stamp Duty reduction.
Unsure if You Are a First Time Buyer?
To qualify for this tax relief from the government you must never have owned a residential property in the United Kingdom or abroad.
You must also be buying your main home you are not able to receive the Stamp Duty relief on a buy-to-let property.
If you have inherited a property or have been names on the deeds of any property this will class, you as an owner so you would no longer be eligible for the Stamp Duty Relief.
Buying with a Partner?
If you are a married couple you both need to be a First Time Buyer to qualify for the Stamp Duty Relief.
If you are unmarried and only one of you is a First Time Buyer that person would be eligible however, only that person could be on the mortgage which could change your affordability.
The Stamp Duty Relief was extended due to the success of the scheme and the number of First Time Buyers who have been able to get on the property ladder. Like with other government funded incentives such as Help to Buy this tax relief could change at any time.
If you are thinking of buying your first home and are unsure of your options, we can help you to find the right mortgage to suit your individual financial circumstances. To find out more give us a call or use the contact form below.
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