What the Land & Buildings Transaction Tax cut means for Your Mortgage
For Scotland, a cut to the Land and Buildings Transaction Tax will be introduced from Wednesday 15th July, remaining in place until 31st March 2021.
The changes will mean that the starting point for paying the LBTT on house purchases will rise from £145,000 to £250,000.
Home movers purchasing a property costing more than £250,000 will save £2,100.
In addition, an extra £50 million is being added to the First Home Fund, a shared equity scheme providing first time buyers with up to £25,000 to buy a property.
For England and Northern Ireland, the government has scrapped stamp duty on house purchases of up to £500,000, potentially saving homebuyers thousands of pounds. This tax cut is to last until the 30th June 2021.
Previously stamp duty kicked in at £125,000 (or £300,000 for first time buyers) meaning you can make significant savings if looking at purchasing or moving home this year. These new rates will also remain available until 31st March 2021
For more information on how it affects your mortgage, speak to our expert mortgage advisers today – call 01224 316200 or fill in our online enquiry form.
