Stamp duty barrier removed for first time buyers.
With immediate effect, first-time buyers will no longer have to pay stamp duty when purchasing a property up to the value of £300,000.
The move, announced by the government in this week’s budget, is meant to make improve affordability for FTBs as on average they could save around £1,500. The government has also announced the building of an additional 300,000 properties every year to help with the high demand for housing.
This announcement has followed closely on from the Bank of England’s decision to increase the base rate. As a result of this decision, we have seen varying reactions from lenders in the market - some have acted immediately and have increased their rates, some have removed products while they decide on the best course of action, and others have reduced their rates.
What this means for you as a first-time buyer is now is a good time to act and secure a great deal before lenders market-wide increased their rates.
Advisers at Deal Direct can review your financial circumstances and search for the best-suited products for you from across the country. These could be Help to Buy deals or shared ownership that are specifically aimed at FTBs, or we could compare lower LTV deals on offer from all lenders.
We can also assist with presenting your mortgage application in the best possible light, which actively influences the likelihood of approval. As an expert mortgage broker, we commit to doing everything in our power to help you take that all important first step on the property ladder.
Call Deal Direct today on 0800 048 8828.
