Following on from the changes announced in the Autumn Budget last year you may be wondering how this affects you?
The good news for most First Time Buyers is that you can still buy up to £300,000 and benefit from paying no Stamp Duty. Anything borrowed above that amount will cost 5% of the extra amount.
For those currently buying or considering taking advantage of not paying this, the deadline is the 1st of April this year. More information is below, if you would like to know more, please don't hesitate to speak with our sales team in Kettering 01536 518200 or Thrapston 01832 731222.
First Time Buyer SDLT Property Value Bands and Rates
Purchase up to £300,000 - You pay 0%
The next £200,000 (the portion from £300,001 to £500,000) you then will pay 5%
(If the purchase price of your property is in excess of £500,000 the first time buyer rates do not apply)
For Main Residences
Up to £125,000 - Current Rate 0% - New Rate 0%
£125,001 to £250,000 - Current Rate 0% - New Rate 2%
£250,001 to £925,000 - Current Rate 5% - New Rate 5%
£925,001 to £1.5 million - Current Rate 10% - New Rate 10%
More then £1.5 million - Current Rate 12% - New Rate 12%
For Additional Home Purchases (Buy to let or second home)
Up to £125,000 - Current Rate 5% - New Rate 5%
£125,001 to £250,000 - Current Rate 5% - New Rate 7%
£250,001 to £925,000 - Current Rate 10% - New Rate 10%
£925,001 to £1.5 million - Current Rate 15% - New Rate 15%
More then £1.5 million - Current Rate 17% - New Rate 17%