Does the Stamp Duty Holiday end in June?
Chancellor Rishi Sunak extended the stamp duty holiday until the end of June 2021, which was welcomed news to many. However, many property and financial professionals remained worried of a ‘cliff edge’ to the scheme. Many homebuyers may find themselves caught in a completion trap if the holiday were to end abruptly. Luckily for home buyers, the stamp duty holiday has now been seen to continue past June 30th, however with some changes to the property value threshold.
What is the current Stamp Duty Holiday?
The current stamp duty holiday means that no tax will be levied on the first £500,000 of a property purchases in England and Northern Ireland until June 30. Homebuyers who purchase property during this time could save significant amounts of money up to £15,000. The stamp duty holiday, with this threshold, will end on June 30th.
What does the extension mean?
The stamp duty holiday will now officially end on September 30th, however the threshold between June 30th and the new September date will reduce. Between June and September 30th, the property threshold will drop to £250,000. These changes will only apply in England and Northern Ireland.
If you are currently in a housing chain, and the property value is below £250,000, then you can be rest assured you now have an additional 3 months for your transaction to be processed.
Stamp Duty Calculator
You can find out how much you will save during the stamp duty holiday using the stamp duty calculator here.
What to do next
If you are planning a property development project or searching for a new home, now is a good time to purchase and save money. To get the best rates on the market, and to speed up the mortgage process, you should seek independent financial advice from a broker and make the savings thanks to the stamp duty holiday.
Friends Capital are independent and unbiased mortgage and loan specialists. We are experts in the field of financing residential property, buy-to-let mortgages, HMO’s and financing property development projects. We have access to the whole of the specialist finance market, and we also have access to exclusive deals with the leading, most established, and trusted lenders. If you would like to discuss your situation with us and discuss your property development project, you can email us at firstname.lastname@example.org or call us on 0800 862 0811Contact Us
“Check Your Mortgage Rate!”- Interest Rates Fall Below 1%
This week, mortgage interest rates have fallen below 1%. Homeowners in England could reduce their monthly costs by comparing their mortgage rate, to ensure they are on the best rate possible.
Those who are on a variable rate could make further savings as they are likely to pay even larger sums for their mortgage and can take advantage of these low interest rates.
Those that are approaching the end of their fixed rate mortgage should start comparing rates six months early due to delays and pressure on banks and mortgage advisors because of the pandemic. If they don’t, they may find themselves in a position where they are paying much higher monthly rates.
Friends Capital Director, Paul Hancock, says “All property owners should urgently check their current mortgage rates. As interest rates have dropped to an all time low of below 1%, you could save thousands of pounds by switching providers or negotiating a better deal”.
However, property owners need to act quick as interest rates can change daily and you may miss out. If you give Friends Capital a call, we will compare the rates for you and offer a free no obligation quote.”
Paul goes on to offer further advice on reducing your mortgage rates. He states “If you’ve put money away during the pandemic, putting it towards your mortgage could save you thousands of pounds by reducing your loan to value ratio.”
If you are looking to compare your mortgage rates, Friends Capital offer a free consultation where you can receive a free, no obligation quote based on your circumstances.
Two Steps to Contacting Friends Capital
One of our friendly advisors will either call you back within 24 hours (usually the same working day), or will take details from you in order to best deal with your situation.
When you speak with us, we will take a ‘fact find’. At this stage we take basic details about your situation. We will then search the whole of the market and find you the best deal available.
If you are happy with the deal that we offer, we will then contact the lender for you and get you what is called a ‘decision in principal’.
If you’re happy with the decision in principal then we will secure this deal for you and deal with the application for you on your behalf.