Stamp Duty Extension & Mortgage Guarantee
March 3rd, 2021
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\r\n\r\nThe stamp duty holiday has been extended for three months, Chancellor Rishi Sunak has announced.\r\n\r\n\r\n\r\n
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\r\n\r\nThe holiday which was introduced in July 2020, was meant to end 31st March 2021 exempting the purchase of residential property up to £500,000. But growing support and petitions for the Government to extend this has now been decided.\r\n\r\nIn brief:\r\n
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- No stamp duty will be charged on a residential property bought for up to £500,000 up until 30th June 2021. This covers the majority of houses and flats in the UK.\r\n \t
- No stamp duty will be charged on a residential property bought for up to £250,000 from 1st July 2021 until 30th September 2021\r\n\r\n\r\n\r\nIn addition to the Stamp Duty announcement;\r\n\r\nthe chancellor announced that first-time buyers will get a “government guarantee” on mortgages, with a deposit of 5%. Many big lenders are already backing the scheme, according to the chancellor.\r\n\r\n\r\nThe new mortgage guarantee scheme is designed to help more first-time buyers onto the housing ladder.\r\n\r\nThe aim is to stimulate the housing market, get more younger people onto the housing ladder, and increase property transactions.\r\n\r\nMortgages with 5% deposits have been stopped by most banks during the Covid pandemic.\r\n\r\nThe chancellor will incentivise lenders to provide mortgages to first-time buyers, and existing homeowners, with just 5% deposits to purchase properties worth up to £600,000.\r\n\r\n\r\nThe news is welcomed by many buyers and sellers already engaged in the purchase and\/or sale of property. It is also excellent news for those looking to now sell their home in the hope of either beating the stamp duty altogether, or being excluded past the deadline of 30th June, if their property falls under the £250,000 bracket the further extension allows.\r\n\r\nSo what do I do now……well, easy. If you can, want, need to sell then get in touch with me for a free, no obligation, honest and accurate valuation. Overpricing your home now will only increase the length of time it takes for you to sell, thus risk you missing this golden opportunity the extension has provided.\r\n\r\nIf you’re considering buying a property then the news of 95% Mortgages should be music to many peoples ears. Seek Mortgage Advice to establish what you can borrow, the rates and products on offer and ultimately, what you can afford to pay back. For free, no obligation Mortgage Advice get in touch.\r\n\r\n\r\n\r\n\r\n”,
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