February 2012 Newsletter – First Time Buyers Could Save £2,500
If you are looking to buy your first home you could save up to £2,500 if your house purchase completed prior to 25th March 2012.
On this date the Government is due to withdraw its 1% Stamp Duty exemption for first time buyers purchasing a property up to £250,000 meaning an additional tax will be added to your purchase.
What is stamp duty? Stamp Duty Land Tax (SDLT) is charged on land and property transactions in the UK. The tax is charged at different rates and has different thresholds for different types of property and different values of transaction. This can vary from 1% to 5% of the property value. For example the rate for standard properties up to £250,000 after March 25th for both first time buyers and existing owners will be 1% of the property value (an additional £2,500).
There are a number of schemes available to help first time buyers purchase a property as well as competitive rates available for 90% loan to value (LTV) mortgages. Here at The Mortgage Store we can consider all the options available and will find the best solution for you.
Buying your first home is a big commitment and there are many things too, such as general insurance and protection. At TMS we take the hassle out of finding a mortgage and we are also able to provide a full advice service including insurance and protection.
To find out more why not contact us Today
We look forward to hearing from you.
For further details or to arrange an interview please use our ‘Contact’ Page.
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