Changes to Stamp Duty Rules: What First-Time Buyers Need to Know
If you’re a first-time buyer, now could be the perfect time to step onto the property ladder. With changes to stamp duty rules coming into effect on 31st March, you could save up to £6,250—but only if you act fast. Here’s everything you need to know about how these changes, paired with new low-deposit mortgage options, could make homeownership more accessible than ever.
What Is Stamp Duty, and What’s Changing?
Stamp Duty Land Tax (SDLT) is a tax paid on property purchases in England and Northern Ireland. To help first-time buyers, the government introduced a temporary reduction, allowing no stamp duty to be paid on properties up to £425,000. This threshold will drop back to £300,000 after 31st March, reducing the savings available.
For example, buying a property worth £400,000 before 31st March could save you £6,250 in stamp duty compared to buying after the deadline. That’s money you could put toward renovations, furnishing your new home, or even reducing your overall mortgage costs.
Low-Deposit Options for First-Time Buyers
With property prices rising, saving for a deposit can be one of the biggest challenges for first-time buyers. Luckily, lenders are offering more low-deposit mortgage options to make the process easier:
100% Mortgages: Some lenders now offer mortgages without the need for a deposit, ideal for buyers who meet specific criteria.
£5,000 Deposits: Products like those offered by Accord Mortgages make it possible to buy a home with just a £5,000 deposit.
These options, paired with potential stamp duty savings, mean owning a home could be more achievable than you think.
Why Act Now?
With the stamp duty threshold set to decrease in just a few months, acting quickly could save you thousands. By combining the current stamp duty relief with low-deposit mortgage options, you can fast-track your journey to homeownership.
How We Can Help
At Endurance Mortgages, we specialize in helping first-time buyers make the most of these opportunities. From finding the right mortgage deal to guiding you through the stamp duty process, our team is here to support you every step of the way.
Don’t miss out on this chance to save - contact us today to start your journey to homeownership.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.
Endurance Mortgages Ltd is an appointed representative of The Right Mortgage Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 15060351. Registered Address: Worting House, Church Lane, Basingstoke, Hampshire RG23 8PX.
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