Stamp Duty Paid Mortgages
Would you like someone to pay your stamp duty, perhaps you’ve saved up just enough for that nice shiny new house, but now have to set aside even more than you’d bargained for, to pay the tax man.
Currently the rate for Stamp Duty is 1% on Properties valued at £125,001 through to £250,000, it doesn’t end there if the purchase price is higher the percentage increases, but for now lets assume that your buying between £125,001 and £250,000 as a first time buyer.
So need a hand with your Stamp Duty, well Halifax’s new products may just be for you!
On Tuesday the 30th April Halifax will launch an innovative product range, of Stamp Duty paid mortgages for First time Buyers. Halifax will pay 100% of the Stamp Duty Land Tax due on selected products for first time buyers that fall into the 1% bracket (Purchase price between £125,001 and £250,000).
There is a choice of products available, across the core range, Affordable housing, Help to Buy/ First Buy, NewBuy and MI New Home products.
In essence the Stamp Duty Land Tax will be paid via a cash back arrangement, where the cash back is equal to the stamp duty, this will be paid to the conveyancer on completion.
Halifax have a wide range of products to suit most client types, and generally their rates are well placed within the market, criteria is consistent with their main competitors, so this offers a real opportunity to first time buyers, particularly when you consider that this is available on their Affordable housing, Home Buy/ First Buy, New Buy and MI New Homes scheme and their core range.
Full details of the new products are not available until tomorrow, but in the mean time this looks like a very positive step forward for First time borrowers, maybe now is the time to start looking at buying your first house!
Philip Dales Dip PFS Certs CII (MP & ER)
For more information or advice on First Time Buyer Mortgages, Standard Purchases & Remortgages and other types of mortgages contact Philip Dales at DALES
Independent Financial Advisers: Advice@pndales.co.uk, or go to our web site www.pndales.co.uk
. Nottingham office: 0115 832 0265 or Newark Office: 01636 87 00 69.
The information above is for information purposes only, it does not constitute advice, for advice suitable to your personal circumstances please contact us directly and we will be happy to help.
For mortgages, P N DALES Ltd do charge fees, a typical fee for mortgage advice and processing is £350.
DALES Independent Financial Advisers, Nottingham (West Bridgford) & Newark. Authorised and regulated by the Financial Conduct Authority: 496107.