mortgage advice Sarisbury Green

This calculator can be used for residential property or non-residential property.

The calculator works out the Stamp Duty Land Tax (SDLT) you’ll have to pay for residential purchases (including lease premium) using new rules effective from 4 December 2014. It also shows how much SDLT is due under the previous rules and for non-residential purchases.

Stamp Duty Land Tax calculator

Osborne scraps Stamp Duty slab structure in Autumn Statement

George Osborne will abolish the slab structure of the Stamp Duty Land Tax from midnight tonight and will replace it with new layers of tax rates which will lower the cost of buying a home for 98% of the country.

People buying homes will only pay the tax rate on the part of the property which falls within the band instead of paying it on the whole property price.

For homes up to £125,000 no stamp duty is payable then;

£125,001 to £250,000 – 2%

£250,001 to £925,000- 5%

£925,001 to £1,500,00- 10%

£1,500,001 and above 12%

Osborne referred to the old system as a ‘badly designed tax’ which placed the biggest burden on low and middle income families.

The new rules start tomorrow, on 4th December. People who have already exchanged contracts on their new home purchase but have yet to complete will get to choose whether they use the old or new stamp duty rules.

In Scotland the new rates will apply until 1 April 2015 when the Land and Buildings Transaction Tax replaces it.

The Chancellor said that for a home which cost £255,000 the Stamp Duty charge would be £4,500 lower than it would have been under the old system.

Osborne said the new approach to calculating the tax removed the need to revalue the UK’s stock of homes.

The old rates were;

£125,001 to £250,000 – 1%

£250,001 to £500,000 – 3%

£500,001 to £1m – 4%

£1,000,001 to £2m – 5%

Over £2m – 7%.

Osborne said just 2% of the population would lose out under the new structure and rates.

He said someone buying a home worth more than £5m would now pay £514,000 in Stamp Duty compared to £350,000 previously.

To read the government’s factsheet on the new Stamp Duty Land Tax “click here

BarclaysBarclays to launch into Help to Buy 2 next Tuesday

The lender will offer two products including a three-year fix at 5.35% and a five-year equivalent at 5.49% from Tuesday 14 January.

Both products are fee-free and available up to 95% loan-to-value. A minimum loan size of 50,000 and maximum of £570,000 apply to both products.

The Help to Buy mortgages will be available through all channels, both direct and intermediary, and the products will be available on new build and existing properties. Only house purchase loans will be accepted by Barclays.

To find out more about Help to buy and for a personal illustration, please give one of our qualified advisers a call or email us via “Contact Us” page with your requirements.

 

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We offer whole of market advice for all types of customers, whether you are a first time buyer, home mover or looking to purchase a buy to let property. Being independent we are able to offer impartial advice from the whole of the market to ensure you get the product that suits your financial needs.

Whether you are looking to protect your mortgage payments or your family, we provide independent advice for life insurance, critical illness cover and income protection from a wide range of providers.

Buildings Insurance is a requirement when you complete on a mortgage the cover is to provide security to the lender, the insurance covers the main structure of your home. It will cover you for subsidence, storm, flood, fire or smoke damage and cover the costs of rebuilding or repair.

Equity release is a way of releasing cash from your property, either through selling a percentage to the reversion company or taking a mortgage on it, while allowing you, the homeowner to continue living there as long as you wish.