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 nil-rate threshold of £250,000 in place until 30 September, meaning that savings can still be made if you purchase a property before October. From 1 October, the normal tax-free threshold of £125,000 will return. If you’re looking to get your property purchase over the line before the September deadline, we can help you assess your mortgage options and get your transaction progressing as swiftly as possible.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
Sources: thetimes.co.uk/money-mentor ; gov.uk/stamp-duty-land-tax
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(Your home may be repossessed if you do not keep up repayments on your mortgage)
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For Lifetime Mortgages/Equity Release the fee will be £799.
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