On Wednesday 8th July Chancellor Rishi Sunak confirmed in his Summer Economic Update that the stamp duty threshold will be raised to £500,000 with immediate effect. This is only a temporary measure and will last until 31stMarch 2020.
Call our Lonsdale Mortgages broking team now and save money
If you want to take advantage of the stamp duty holiday and move before 31st March 2021 call our qualified St Albans mortgage broking team on 01727 845500 for a free initial mortgage and protection consultation. Our Lonsdale mortgage brokers offer mortgage advice and can set up protection policies for you and your family.
Why use a Lonsdale Mortgage Broker
Lonsdale mortgages do not typically charge a fee for their services as we receive commission from the provider except in instances where we organise additional borrowing for clients with their existing lender, as some providers do not offer commission.
What is stamp duty?
Stamp duty is a tax paid by people buying properties. In England buyers pay Stamp Duty Land Tax.
How was stamp duty previously calculated?
Prior to 8th July 2020 if you moved home you did not pay stamp duty on the value of a property up to £125,000 and you then paid a lump sum equivalent to 2% of the value of the property up to £250,000 and 5% on the next £675,000.
The rules were different for first-time buyers, who were exempt from stamp duty for properties up to £300,000, and then paid 5% on the portion from £300,001 to £500,000.
‘The Chancellor’s announcement will hopefully encourage first time buyers, homeowners and buy to let investors to consider purchasing a property which will galvanize the housing market and the economy. This is the first time a stamp duty holiday has been introduced and everyone moving home should benefit and save money.’
How to take advantage of the stamp duty holiday?
‘If you were considering moving home in the next year our Lonsdale Mortgages broking team recommend that you start thinking about moving now so you can complete before 31st March 2021. We can help speed up the mortgage process by completing your mortgage application form and liaising with your mortgage provider and your solicitor. Remember to call us as soon as you decide to purchase new home. Our mortgage brokers are available to discuss your situation on 01727 845500. We can review your income and expenditure and offer mortgage advice so you know how much you can borrow, which allows you to visit appropriately priced properties. For more information read Amy Kadir- How Lonsdale Mortgages gets your mortgage approved. We work with first-time buyers, home movers wanting to re-mortgage or anyone requiring a commercial mortgage for a buy-to-let property. Although we no longer have clients visit our offices, we are working effectively online and can conduct all the necessary mortgage process via the phone or on email.’
If you want to purchase a property contact our Lonsdale Mortgages St Albans broking team now on 01727 855000. We offer a free initial mortgage advice consultation.’
'As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments'.