Stamp Duty Holiday Is Being Extended!

In what is possibly the most leaked budget ever, the Chancellor has confirmed that the stamp duty holiday is being extended. For properties of up to £500,000 there will be no stamp duty payable for completions up to the end June. For properties valued out to £250,00 this extension will run until the end of September this year. There is no restriction on when the purchase must have started, so if you agree to buy a property now, you have until those deadlines to complete the purchase and benefit from the stamp duty holiday.

The other announcement that was expected in the mortgage industry, is the re-introduction of government backing for 95% mortgages. This is similar to the previous scheme which ended in 2016. The scheme actually protects the lender rather than the borrower as it will guarantee part of the mortgage should the lender lose out due to a reduction in property prices. However, the benefit to the borrower is that it allows lenders to offer mortgages whereby the borrower only needs to put 5% deposit. The Chancellor mentioned a few lenders who have signed up to the scheme in his speech today, but I fully expect the majority of major mortgage lenders will join the scheme over the next few weeks. We haven’t received any details of the mortgages that will be available as yet, but as soon as we do, we will be making sure our clients have access to them where they need to.

Time To Talk

Even if you have only just started to think about getting on the property ladder, why not get in touch for a chat. Call Gary on 01204 304 814.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.