GOVERNMENT ANNOUNCES STAMP DUTY EXTENSION AND HELP FOR FIRST-TIME BUYERS
Rishi Sunak has announced an update that will help to keep the property market across Dorset and the UK booming over the coming months.
The previous Stamp Duty Land Tax (SDLT) holiday has been extended:
- From the 31st March to 30th June 2021, SDLT will not be charged on the first £500,000 of residential properties, saving homeowners up to £15,000
- From the 1st July to 30th September 2021, SDLT will not be charged on the first £250,000 of residential properties, saving homeowners up to £2,500
- Pre-Covid stamp duty thresholds and levels will resume from the 1st October 2021
- An extra 3% SDLT will still apply if buying a property results in you now owning more than one property
The government has also announced a 95% loan-to-value (LTV) mortgage guarantee scheme to help first-time-buyers purchase a property with a 5% deposit.
Added: 5th March 2021