Get mortgages sorted now to avoid stamp duty, homebuyers warned
Tue, 08 Sep 2009
Homebuyers looking to purchase a new property are being advised to complete their mortgage applications by the end of September to ensure they complete the mortgage inside the Stamp Duty Holiday which comes to a close in 2010.
According to one of the UK’s leading mortgage lenders, Abbey, a mortgage can take up to 3 months to complete, as such all first time buyers and movers should look to arrange their mortgage before the end of this month to ensure beating the December 31st deadline.
The stamp duty holiday that has been in effect for properties of a value of 125,000 to 175,000 may not have been factored into house prices and owners could see a 1% jump in their new houses value.
Director of Abbey Mortgages, Nici Audhlam-Gardiner, is reported to have said: " First-time buyers have been hit hard by the costs of climbing on to the ladder and for these people this is a golden opportunity to make a big saving ."
The commercial director of mortgages for Lloyds Banking Group, Stephen Noakes, recently said that upfront fee’s involved in getting a mortgage such as legal and arrangement fees put many potential buyers off a house purchase