Longer Delays, Lender Criteria Changes, Larger Deposits Required, sound familiar?
So how do you arrange a mortgage and purchase your new home during a pandemic?
The current Stamp Duty Holiday is set to run until the end of March 2021. Currently there is no Stamp Duty Payable on purchases up to £500,000. This has helped kick start the property market since the first lockdown and has been a welcomed tax break to many buyers across Lichfield and the surrounding area.
However, with house sales taking longer to complete than normal there is growing pressure on the Chancellor to extend the holiday further. We expect to hear an update on this in January and are hoping that the current holiday is extended for few months to let the market catch up.
Many people will be looking to move home in the spring and take advantage of the savings, however unless the Chancellor extends the Stamp Duty Holiday the worry is that some people may be put off moving and this could result in a downturn in the market. If you are looking to purchase a new home next year, we can help take away the pain of dealing with the banks and arrange the right mortgage for you!
Straight to the point…
The current Stamp Duty Holiday is set to run until the end of March 2021
No Stamp Duty Payable on purchases up to £500,000
If buying a new home you need to act fast, the scheme may not be extended
We can help take away the pain of dealing with the banks and arrange the right mortgage for you