Buying A Home in Harrogate? Stamp Duty Holiday is coming to an end 31 March 2021

You could still save thousands on Stamp Duty when you are purchasing your new property in Harrogate, or moving home in 2021. If you’re a prospective homebuyer, then it’s not too late to take advantage of the government’s Stamp Duty holiday tax break for England and Northern Ireland, which is due to end on 31 March 2021.

August 2020 saw mortgage approvals soar to 84,700, a sharp increase on July’s figure of 66,300 and the highest monthly figure seen since October 2007. 

What questions or concerns do you have about your mortgage? Don’t hesitate to contact me. I offer no-obligation, no charge for initial Zoom consultations for residents in Huddersfield. Fancy a quick chat instead? Call FREE on 08000 141948.

The surge in approvals has been attributed to several factors, including the Government’s temporary Stamp Duty holiday on the first £500,000.00 of a property’s price (England and Northern Ireland) and record low-interest rates.

No Stamp Duty on properties up to £500,000

Currently, the threshold at which no tax is paid on property purchases is £500,000, up from £125,000 – meaning that, until March next year, eight in 10 buyers will pay no Stamp Duty on their purchase.

• Move quickly. With time running out, here are some top tips for accelerating your home purchase:
• Get a mortgage in principle. Secure a mortgage in principle while you’re house hunting, so you’re ready to go as soon as you find a property.
• Don’t haggle. Haggling too hard over price won’t endear you to the seller. In the current market, they’re likely to have many other buyers willing to pay the asking price.
• Get the right help. Enlist a solicitor and surveyor who will be ready to assist you as soon as you’ve found your property.
• Come to us. We understand that time is of the essence, so come to us and we’ll waste no time in finding the best mortgage for you.

It’s not good news for all, however. Those looking to get on the property ladder for the first time have suffered during the pandemic, with lenders hastily withdrawing the majority of 90% and 955 loans to value products during the lockdown as uncertainty prevailed. This has led to one in five first-time buyers delaying their property purchase, while four in ten say a lockdown has made it harder to get on the property ladder. The Prime Minister has announced his intention to develop plans to allow more low deposit mortgages to be made available. Ministers are scoping plans to allow more mortgages to be offered with a 5% deposit. We will keep you up to date with developments.

Harrogate Independent Mortage Advisor

• Contact Darren on ccc or send a message via the Contact Form
• Use our handy Mortgage Calculator
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• COVID Mortgage Help and Repayment Holiday information
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