Lowest mortgage rate deals allow 4 in 10 buyers to benefit from stamp duty holiday.
Figures show that lenders lowest mortgage rate deals and high LTV levels have resulted in 4 out of 10 first time property buyers being able to benefit from the Government's stamp duty holiday
The stamp duty holiday is due to end this week, and the Halifax advise that the Government raising the stamp duty threshold from £125,000 to £250,000, and lenders releasing lowest mortgage rate deals aimed at first timers, have allowed thousands to climb on the property ladder who otherwise would have been unable to.
The temporary stamp duty threshold increase has meant that around 95 per cent of first time buyers have not needed to pay stamp duty. On March 24 the stamp duty is over and the threshold of £125,000 will then result in around 45 per cent of first time buyers needing to pay stamp duty.
Martin Ellis who is the economist for Halifax housing commented saying that regionally the impact of the stamp duty holiday has varied considerably. Around 7 out of 10 first time property buyers in London and the South East region have been exempt from the tax. He advises that a first time property buyer looking to purchase a house of £200,000 will see their costs increase by £2,000.
With the stamp duty ending and costs increasing first timer buyers will be looking for lowest mortgage rate deals. Deal Direct as 'whole of market' brokers can help. We are up to date on all mortgage providers lending criteria and current rates and we are well placed to find you the most competitive deal on offer in the UK today.
