Last year the Government announced that it was raising the 0% stamp duty threshold from £125,000 to £175,000 for a period of 12 months. In April’s budget, the holiday was then extended to December 31st 2009.

Anyone looking to buy a home worth between £125,000 and £175,000 could save up to £1,750 in stamp duty if they complete before this deadline. Once the deadline is up, properties worth more than £125,000 will once again face a stamp duty bill of at least 1%.

Any saving made could be valuable to many first time buyers already facing the prospect of having to raise a significant deposit and cover other moving costs. Most mortgage lenders typically require at least a 15% deposit so it is vital to do your homework to get the right mortgage deal.

“As house purchases can take months to complete, it’s make your mind up time for those considering buying a property. With house prices now holding up more strongly and in some cases rising, the stamp duty holiday could act as a greater incentive as the deadline approaches” commented David Hollingworth, Head of Communications at L&C Mortgages.

To work how much stamp duty you’ll have to pay, use L&C’s stamp duty calculator Buyers should call L&C on 0800 373300 for free, no obligation mortgage advice.

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

Via EPR Network
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