Will FTBs get lenders best mortgage deals now the stamp duty holiday has ended?
Some of the best mortgage deals for first time buyers may be coming onto the market as the Stamp Duty holiday ends. In addition to the government backed New Buy Scheme, some lenders are offering cash back whilst others suggest money saving features.
Give us a call at Deal Direct and we can see if you could benefit from one of these deals.
The threshold for Stamp Duty has been £250,000 for the last twenty four months. As a consequence around 95 percent of first time buyers have been exempt from paying the tax. When Stamp Duty returns around 45 per cent of first time buyers are likely to be brought back into the tax paying bracket, so finding the best mortgage deals becomes even more important.
The threshold will resume at £125,000, so if you buy a home costing between £125,001 and £250,000 an additional sum of 1 per cent tax will be payable. This means you will pay between £1,250 and £2,500 extra depending on the purchase price of your property.
Some lenders are offering special deals to offset the tax increase. For example offers of cash back or paying half the stamp duty, up to £1,250 for a first-time buyer. The deals are generally linked with specific mortgage products so you need to make sure you compare the details carefully.
At Deal Direct and we can advise you of new offers as they come onto the market. If you want us to find you the best mortgage deals just give us a call on 0800 048 8828 or fill in our enquiry form.
