Stamp Duty Abolished for First Time Buyers!
Great News for First Time Buyers in York
It was announced in the November Budget that First time buyers will pay NO Stamp Duty on the first £300,000 of any property that costs up to £500,000. Should your new home costs less than £300,000 you’ll pay No Stamp Duty at all! Fantastic!
We believe that this will give our first time buyers that boost of confidence they need to get on the property ladder in 2018….
From the press it is estimated that this will affect 80% of first time buyers in England, Wales and Northern Ireland, however, I’m sure that in York and surrounding areas this figure will be very close to 100%!
If you have ever owned a property before or are buying a property over £500k then the standard rates will apply.
Here’s an example,
If you have never owned a property before and are buying home for £200,000 you’ll save £1,500 in tax compared to pre-November 22nd 2017!
These funds can be used towards your deposit which will/may lower your monthly mortgage payments – As your local Mortgage Broker, we can help you calculate these mortgage figures….
If you are looking to get on the property ladder in 2018 and would like an idea of how much you can borrow and the associated costs of buying a house then we are happy to help.
Please note, that this applies to residential properties only and not first time buy to let purchases.
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Read more about our first time buyer mortgages advice here: