Stamp duty ends this June.

Last July we were realising this COVID thing wasn’t just going to just go away with time; the Government put in a series of measures to help boost/maintain/save the economy. One of these was to remove stamp duty (tax) on all house purchases on the first £500,000. This was until March 2021 but was extended to the end of June 2021. Meaning that at the end of the month there will be a flurry of purchases I imagine.

If you were thinking you will be able to sneak in a purchase and make sure you save all that money, you are probably a little optimistic. It can sometimes take a few weeks just to get approved for a mortgage, then there are all the searches that the solicitors need to do. So putting in an application might not get you in there.

So why are we telling you that. “It’s too late” I hear you say! Well it is, but it presents an interesting point of the pandemic. The housing industry will need to continue beyond the stamp duty holiday, but will it slow when people are not inspired by saving a huge amount of money on their purchase.

Stamp Duty is not the only thing!

Thing is there, are a few things that might be encouraging people to look to buy a new property. First up is the government guarantee for 5% mortgages; meaning it will be easier for people to raise that deposit cash. We wrote about this in another blog. Click here to read.

Not only that but there are a few lenders that are providing 100% mortgages now. Meaning you will not have to put down any deposit. This will give people opportunities that they potentially didn’t have.

With all these schemes you do need to speak to someone you trust as it needs to be carefully considered. They all come with their downsides and you need to make sure that you can afford the mortgage and maintain the lifestyle you like.

 

 

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