It’s been less than two months since chancellor Philip Hammond announced Stamp Duty was to be scrapped for first time buyers of properties up to £300,000 yet the initiative is already having a considerable impact, according to the government.
A statement released by Downing Street revealed over 16,000 first time buyers have already saved thousands of pounds since the changes took effect in November, with over a million first time buyers set to benefit in total over the next five years.
Of course, Stamp Duty isn’t the only cost first time buyers need to consider when getting on the property ladder. Aside from the actual cost of the house (which I’m sure you’ve already considered!) buyers will also find themselves faced with conveyancing (or legal) fees to the tune of £800 to £1500.
You’ll also need to pay out for surveys and valuations – not just to secure the mortgage but also to let you know of any problems in the house that might impact the price of it or that you may want to owner to address before the sale goes through. Depending on what type of survey you have this could cost anything from a couple of hundred pounds to over £1000.
Add to that the removals costs if you’ve furniture to move and the potential cost of decorating the new house and it’s clear to see why moving house can be an expensive business.
Luckily though, there are experts on hand to make sure your mortgage doesn’t cost the earth. Come visit us today or give us a call to find out how we can get the best mortgage deal for you.
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.