Buying A Property This Year? Don’t Forget The Stamp Duty

Released on: September 29, 2009, 3:00 am
Author: London & Country Mortgages
Industry: Financial

As autumn approaches, the end of the stamp duty holiday looms ever closer and those thinking of buying will need to reach a decision of whether to ‘use it or lose it'.

Last year the Government announced that it was raising the 0% stamp duty threshold from £125,000 to £175,000 for a period of 12 months. In April’s budget, the holiday was then extended to December 31st 2009.

Anyone looking to buy a home worth between £125,000 and £175,000 could save up to £1,750 in stamp duty if they complete before this deadline. Once the deadline is up, properties worth more than £125,000 will once again face a stamp duty bill of at least 1%.

Any saving made could be valuable to many first time buyers already facing the prospect of having to raise a significant deposit and cover other moving costs. Most mortgage lenders typically require at least a 15% deposit so it is vital to do your homework to get the right mortgage deal

"As house purchases can take months to complete, it's make your mind up time for those considering buying a property. With house prices now holding up more strongly and in some cases rising, the stamp duty holiday could act as a greater incentive as the deadline approaches" commented David Hollingworth, Head of Communications at L&C Mortgages.

To work how much stamp duty you’ll have to pay, use L&C’s stamp duty calculator Buyers should call L&C on 0800 373300 for free, no obligation mortgage advice.

-Ends-

Notes to Editors:
London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green.

L&C has won numerous awards including:
Best Mortgage IFA/Adviser of the Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy, 2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year – The Bath Business Awards 2005
Growth Strategy of the Year – National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards - 2008
Online Mortgage IFA of the Year – Financial Adviser - 2008

For further information please contact:
David Hollingworth, Head of Communications
Office: 01225 341211
Mobile: 07710 634044
Richard Morea, Technical Manager
Office: 01225 341312
Mobile: 07970 885168