If you’re looking to buy a home, there’s still time to take advantage of the government’s Stamp Duty holiday.

Thanks to the tax break, which runs until 31 March 2021, the threshold at which Stamp Duty becomes payable has been raised to £500,000 from £125,000.

Rise In Mortgage Approvals

The Stamp Duty reprieve has had a positive effect on the mortgage market so far. Bank of England data shows mortgage approvals jumped to 84,700 in August, up from 66,300 in July and the highest level in 13 years.

Homes are also selling fast, with Zoopla figures revealing that in the 90 days to mid-August, a three-bedroom home sold in an average of 24 days – 12 days quicker than a year earlier.

How To Get Moving

If you’re hoping to buy soon, here are some tips to speed up your purchase:

Get a mortgage in principle – do this while house hunting, so you can proceed as soon as you find a home.

Don’t haggle – sellers are likely to have a lot of buyers willing to pay the asking price in the current market.

Seek the right help – enlist a solicitor and surveyor who can help you as soon as you’ve found your property.

Let us help

We can also help your home purchase get underway by helping you to find the most suitable mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage

Catch up on our other blog posts:

Stamp Duty – Just a Reminder!

Stamp Duty – Just a Reminder!

The temporary raising of the nil-rate Stamp Duty band threshold to £500,000 ended on 30 June. The measure was introduced in July 2020 to maintain confidence in the housing market during the pandemic. Don’t despair if you missed the deadline, as there's now a tapered...

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A Record Summer for house prices?

A Record Summer for house prices?

House prices continue to rocket, with the Nationwide House Price Index1 revealing annual house price growth of 13.4% in June, the highest level since November 2004.  The extended Stamp Duty holiday, in addition to the new mortgage guarantee scheme and changing...

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(Your home may be repossessed if you do not keep up repayments on your mortgage)

We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)

For Lifetime Mortgages/Equity Release the fee will be £799.

Our mission is to provide honest mortgage advice, whilst helping you save money.

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South Coast Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 59 The Avenue, Southampton, Hampshire, SO17 1XS. Registered Company Number: 08414746 Registered in England & Wales.