1st January 2018Show all News
First time buyer’s around the UK have been able to have a sigh of relief as the Autumn Statement 2017 released by Chancellor Phillip Hammond has abolished stamp tax duty for first-time buyers. The aim is purely to give those who are looking to get onto the property ladder, a helping hand.
The relief on stamp tax duty will be on any property worth up to £300,000. Furthermore, this means that those who are purchasing homes worth up to £500,000 will pay tax on only the first £300,000. According to brokers across the UK, this has resulted in a surge of enquiries from first time buyers who are looking to take advantage of this welcome relief, particularly those in areas where housing is less affordable such as Manchester and London.
On average, this move will save four out of five first-time buyers up to £5,000. Subsequently, many brokers are attempting to encourage first-time buyers to use this money to place a higher deposit on their property, rather than spending! Understandably, this may not be the most appealing move (especially when you’re eager to start furnishing your new home!), but in the long run it’s definitely paying off as many buyers are saving upwards of £1,300 a year by opting for a better mortgage rate. A recent report conducted by thisismoney.co.uk has explained this;
“The best rate available for borrowers with a 5 per cent deposit is Yorkshire Building Society’s 3.39 per cent two-year fixed deal. On a £150,000 mortgage the payments work out at £742 a month.
By putting down an extra 5 per cent of the property price the same buyer would be able to apply for Yorkshire BS’s top 1.89 per cent two-year fixed rate for borrowers with a 10 per cent deposit.
On a £150,000 mortgage it costs £628 a month. This would save them £114 a month.”
You can check the best rates for you here, but if in doubt, always check with your local broker; https://www.landc.co.uk/partners/thisismoney/
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