Good News for First Time Buyers, Stamp Duty has been axed!

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If you’re a First-time buyer you no longer have to pay stamp duty on the any home up to £300,000. This is music to the ears of 80% of first-time buyers across Northern Ireland, England and Wales.

 

 

What is stamp duty?

Stamp duty land tax is a charge that anyone buying a property or land costing more than £125,000, until now, has had to pay. price.

 

What’s the new system for first-time buyers?

In England, Wales and Northern Ireland, the new stamp duty rates for first-time buyers buying properties costing up to £500,000 are as follows:

  • Homes up to £300,000 purchase price: you pay 0% stamp duty
  • Home above £300,000, you pay 5% on £300,000.01 to £500,000 (on that portion of the price only)

 

Do you count as a first-time buyer?

You qualify if you haven’t owned a property before anywhere in the world, whether bought or inherited.

You also won’t qualify for the discounted rates if you’re purchasing as a buy to let investment – even if it’s your first purchase. The property you’re buying needs to be used as your main home.

 

I’m buying with someone who isn’t a first-time buyer. Do we still get the lower rates?

No, if you’re a first-time buyer purchasing a home with a partner who’s not a  first-time buyer, you WON’T qualify for the first-time buyer rates.

 

 

How much could I save?

The maximum stamp duty saving that you can make under the new system, compared with standard rates, is £5,000. You’ll make this saving if you’re buying a property costing between £300,000 and £500,000.