Another highlight from the Budget 2021 announcements is the extension of the current stamp duty holiday. Homebuyers currently in the process of buying will welcome this decision delivered in yesterday’s Chancellors speech, as until yesterday there was still a possibility it could have ended on 31st March 2021.
However, the freshly confirmed extension will take huge pressure off anyone currently struggling to hit the March deadline due to a delay in their chain or any other reason, such as waiting for valuations (an area which is facing increased delays due to high demand at present).
This update is also great news for prospective homebuyers who were unsure whether it was the right time to take the plunge…with the extension running until September 2021, it opens up the opportunity to begin the process now or within the next few weeks and still benefit from making a substantial saving in their moving costs.
The scheme is to be tapered for properties between the value of £250k-£500k between June and September. The Chancellor announced that the up-to-£500,000 “nil-rate band” for stamp duty will finish at the end of June, rather than the end of March, as planned. It will then be tapered until September. As such, until 30 June 2021, no stamp duty will be charged on a residential property purchased for up to £500,000. This effectively covers the majority of houses and flats in the UK.
“We are pleased to report that our team of mortgage brokers is currently expanding to manage the increased demand within the market place. The stamp duty holiday has certainly given a significant boost to the movement within the property market during this challenging period. As providers of mortgage services we are fully operational and welcome the opportunity to assist even more people to make substantial savings during their exciting homebuying journey, but more importantly help clients find the right lender. Not all lenders work in the same way so it’s crucial to get the right lender first time, to avoid any unnecessary delays.” Jamie Challis, Mortgage & Protection Director.
To find out your saving you can use this handy Stamp Duty Calculator: Read More Here
For full information of the details of the Stamp Duty Holiday Scheme: Read More Here
How can we help you?
If you are looking for free advice on your mortgage or personal insurance options, then please get in touch.
The post Budget – March 2021 – What the Stamp Duty Extension Means for Homebuyers… appeared first on Seico Insurance & Mortgages Ltd.