Following the Chancellor’s mini-budget update, Stamp Duty Land Tax is due to be cut as a result of the Growth Plan, released today.
In a statement from the government, the Stamp Duty cut will help people to move, promote residential investments and also boost first-time ownership.
The details for the cut include:
- First time buyers only pay Stamp Duty Land Tax on homes over £425,000 – up from previous limit of £300,000
- First time buyers’ relief is available on properties up to £625,000 – up from £500,000
- Nil-rate band doubled for all buyers, up to £250,000
We can offer help and advice relating to how these changes will impact your mortgage application or future homeownership plans – please get in touch with our friendly team today.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA.