Earlier this year, Rishi Sunak announced a stamp duty holiday across England and Northern Ireland, running until March 2021 to boost the housing market in the wake of the COVID-19 pandemic.
Thanks to this change, if you are thinking of moving home, you could save up to £15,000 on the purchase of a new property. First-time buyers were already exempt from stamp duty up to the property value of £300,000 (or in the case of a property purchase between £300-£500,000 the first £300,000 of the value), so those looking to get on the property ladder for the first time are unaffected.
Stamp duty can be one of the most significant costs for consideration when purchasing a house and could be a deal-breaker for some weighing up whether to improve their existing home or take the leap and move somewhere new.
As a result, now could be a great opportunity to make the move and start looking for that dream home.
What could you do with your additional savings? Savings on stamp duty could provide the opportunity to refresh a dated kitchen, replace an avocado bathroom suite or even overhaul the garden.
Stamp duty savings could also be an opportunity to explore overpaying your mortgage on your new home. Paying off your mortgage sooner than planned can assist with saving on interest incurred over the long-term.
At Rhodes Wealth Management, we have a dedicated mortgage team available to assist you in exploring your options. If you are looking to purchase a property or remortgage, we are here to help.
Call us today to arrange a friendly conversation with one of our mortgage advisers, on 01332 497670, or email the office at firstname.lastname@example.org.
Your home may be repossessed if you do not keep up repayments on your mortgage.