Good news for homebuyers! You might have seen recent headlines stating the stamp duty threshold has doubled, but what exactly does that mean for you? Well, if you’re looking to buy a house it means you could be paying a lot less!
And, as the changes have come into effect immediately, you’ll benefit from them straight away, even if you’re in the process of buying somewhere. But what exactly is stamp duty and why do we have to pay it?

What is stamp duty?
Stamp Duty Land Tax (or SDLT for short) is a tax payable when you buy a property or land over a certain price in England and Northern Ireland. The amount of tax you pay depends on the purchase price, whether you’re a first time buyer, and if you’re buying an additional property.
Also bear in mind the tax you pay is different if the property or land is in Scotland or Wales, as each country has their own rates. Get in touch with Beewise FS Ltd here for an idea of how much you’d be looking to pay!
First time buyer benefits
Saving money is always a positive when you’re buying your first home, but how much are we talking? Well, previously you could have bought a property up to £300,000 without having to pay stamp duty, but this figure has now risen to £425,000. So, you could buy somewhere for £425,000 and not pay a penny in stamp duty, potentially saving you up to £6,250!
Plus, first time buyer relief was only available on properties up to £500,000 before, but now you can buy somewhere up to £625,000 and still benefit. When buying your first home every penny counts, and as property prices have been rising considerably, this change could make a big difference.
Here at Beewise, we’re on hand from the start of your homebuying journey through to the finish. That means we’re here to discuss any additional fees and calculate the cost involved as well as getting you the most suitable mortgage. That way, you’ve got an overall picture of the whole process, as well as experts to guide you through it!
Home movers in England
If you already own a house and are looking to move, there’s additional savings for you too! Before, you’d have to start paying stamp duty on anything over £125,000. This has now increased to £250,000 of a property’s value, so home movers could save up to £2,500 – a bonus that can go towards your buying budget!
The government has also advised these changes are currently permanent, which means you don’t have to rush your new purchase through by a certain date like with previous stamp duty cuts. Contact your local Beewise mortgage advisor today and we’ll be able to recommend estate agents in your area to value your property, and break down all the costs involved when moving. That way, you know exactly what how much you’d be looking at borrowing and buying for.
Property investors
For those buying an additional property – you own a house already and want to buy a second home, holiday home or buy-to-let property – you’ll still pay an additional 3% tax on top of the standard rates. But, as tax doesn’t kick in until £250,000 now, you’ll now only pay 3% on the first £125,000-£250,000 portion instead of 5%, saving £2,500. There’s savings to be had by all!
If you’re considering an investment property but don’t know where to start, we’re here to help! Your Beewise advisor can calculate how much you could potentially borrow, and discuss options such as remortgaging your current property to raise money for a deposit.
Tax treatment varies according to individual circumstances and is subject to change.
Beewise buying advice
Beewise FS Ltd aren’t just your standard mortgage brokers – we’re on hand to help from start to finish. Whether you’re ready to buy your first home and don’t know where to start, or looking to move or invest and want relevant advice for today’s market, contact the professionals! With years of experience and industry knowledge of all the latest changes, we’ll support you step by step.
To get in touch with your local Beewise FS Ltd advisor, click here or call 01934 204841. And, click here to check out our 180+ 5 star customer testimonials!
With evening and weekend appointments available, we’re here to make mortgages and protection easy to understand and as stress-free as possible.
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