As we mentioned in our previous post the stamp duty break introduced in 2022 is coming to an end this April. We have received a number of queries asking who this will affect and how we can help so below is some more in depth information about the changes that are coming:
The changes will put additional pressure on affordability assessments, making it more difficult to convince the lenders that you can afford the loan. This means there will likely be an increase in demand for higher loan to value products which will in turn lower house prices as buyers struggle to cover the increased costs.
From April 1st 2025 the amount of homeowners liable to pay stamp duty will rise from 49% to a huge jump of 83% starting from a property value of £125,000. The stamp duty tax won’t only be reintroduced for lower value properties it will also rise for properties valued above £250,000.
Contact us today to discuss how we can help at themortgagedesk@gmail.com or call at 0800 975 0222.
