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What Happens When The Holiday is Over?

The sun sets on the stamp duty holiday today, but has it worked? Forgive me for posting a picture of a gorgeous sunset… it’s been a while since we all saw a gorgeous beach… one for the dream board!

Here’s a quick explanation:

The Chancellor Rishi Sunak introduced the stamp duty holiday in July 2020 as the country was coming out of its first coronavirus lockdown and the plan was that it would run until September 30, 2021.

The objective was to boost the property market by helping buyers whose finances were affected by Covid.

It meant a saving of up to £15,000 for some lucky people buying homes.

It’s widely reported that the stamp duty holiday ends tonight, but there is still some good news from tomorrow!

From midnight tonight until 30 September 2021, the stamp duty tapering will mean that you don’t have to pay any stamp duty on a residential property bought for up to £250,000 (reduced from £500,000) 

Many high Street lenders are also starting to offer mortgages to borrowers with a deposit of just 5%, under a new government guarantee scheme.

The policy is designed to help more first-time buyers secure a home.

The new scheme will be available to anyone buying a home costing up to £600,000, unless it is a buy-to-let property, a second home or, in some cases, a new-build.

There is a perception that the stamp duty holiday will be over today, but that isn’t really the case. Yes the biggest savings end tonight at midnight, but really it’s more of a tapering down…

The stamp duty holiday has been credited as being a significant contributor to the huge rise in house prices seen during 2020 and into 2021 as people rush to beat the stamp duty cut off date.

Don’t be put off…

As the sun sets on the major savings of the stamp duty holiday there’s still time to take advantage of the tapering, and there are still reasonable savings to be made until the end of September.

So before you reach for your pina colada and start to drown your sorrows,  if you’re still thinking of buying you’ll need to get your skates on and act quickly to take advantage of the last of the stamp duty savings before the end of September.

Act Quickly….

Don’t wait though, in all my years of being a mortgage advisor I have never ever know it to be so busy. I know, I know it’s a good problem to have and we are grateful.

Call me on 07969 859749 or email chat@rachelrowley.co.uk and let’s chat! Here’s my mortgage website – Five Valley Mortgages

Rachel x

** Think carefully about securing a mortgage against your home. Your home may be repossessed if you fail to keep up with the mortgage payments

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