What the Stamp Duty changes mean for you?

Last month chancellor Philip Hammond announced during his Budget speech that Stamp Duty would be scrapped for first time buyers purchasing a property up to £300,000. Furthermore, first timers looking to buy in more expensive areas will pay no duty on the first £300,000 of properties up to the value of £500,000.

This is big news for first time buyers, many of whom often cite Stamp Duty as a hurdle in their plans to get onto the property ladder. Buying a property is an expensive business and having to come up with a few extra thousand pounds is often a step too far for many buyers.

Before these announcement buyers purchasing a property up to £300,000 would pay £5,000. That’s a fair chunk of change to save!

Following Mr Hammond’s announcement we’ve seen lenders quick to react. Indeed, one high street lender recently made a return to the 95% LTV market. Its clear lenders are expecting the number of first time buyer borrowers to surge and are aiming to cater for them.

If you’re looking to get onto the property ladder and you’re not sure what options are available to you or how much you can borrow come and speak to us today.

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage.