A recent petition to extend the Stamp Duty Holiday deadline from the end of March to September this year has passed 63,000 signatures. While we are hopeful that the deadline will be extended to help First Time Buyers and those planning to buy additional properties, we want todays' buyers to be prepared for all possible scenarios.
In the event that the Stamp Duty Holiday deadline is not extended past March, the window is closing to get the necessary paperwork through in time for buyers to take advantage. Leighton, a trusted consultant here at Paramount, explains why:
To find out what you will need to be prepared to pay in terms of Stamp Duty if your purchase doesn't meet the 31 March deadline, we suggest using this online calculator.
The good news today is that it's still a buyer's market with a lot of options available to suit your needs. The availability of residential mortgage products has been on the rise in the last few months, with levels reaching those of April 2020 this month, according to Moneyfacts.
The category that has experienced the most growth is the 90% loan-to-value (LTV), with product availability nearly doubling. This will give those First Time Buyers with a smaller deposit or lower levels of equity more choice, and will hopefully serve to increase their ability to take that first step into the market. In the 90% and 85% LTV categories, lending rates also recently saw reductions, though this wasn't the case for all categories.
The take home message here is that in the current buyer's market the outlook for a Stamp Duty Holiday extension is hopeful, but it's important to be prepared for the alternative if you're looking to buy in the near future.
If you're thinking of buying or selling, we're here to help you get what you want, whatever the market is doing. We'll guide you through best practices and make sure you avoid common pitfalls. We work hard to make sure that the journey to your "wow" moment is stress-free.
Just give us a call at 020 7644 2331 or send us an email at firstname.lastname@example.org. If you like, ask for Rob, Lionel, Leighton or Jamie!