Val Kilmer suiting up as Batman in Batman Forever (1995) should’ve been the start of something legendary. The movie was a massive hit; Kilmer had the perfect mix of brooding and blockbuster charm, and Gotham had a new Dark Knight to root for. But when Batman & Robin (1997) hit theaters, fans were stunned to […]
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MILLIONS of first-time buyers face a huge financial hit after stamp duty thresholds were cut this week.
Stamp duty land tax is a lump sum payment you have to make when you buy a property worth more than a certain threshold.
Previously first-time buyers purchasing a property worth up to £425,000 did not have to pay any stamp duty.
If the property was more expensive, they only paid tax at 5% on the portion above £425,000 and up to £625,000.
But changes introduced this week mean prospective homeowners now face paying up to £6,250 in stamp duty on these property purchases.
In the Spring Statement last week, Chancellor Rachel Reeves did not mention extending the previous thresholds, which were set to come to an end on March 31.
As a result, from April 1, the threshold beyond which first time buyers must pay stamp duty, plummeted to £300,000.
First-time buyers are not the only ones affected by the changes.
Home movers previously only paid land tax on purchases worth £250,000 or more.
But this threshold fell to £125,000 for owners who want to move up the ladder.
They will now pay stamp duty at 2% on the property’s value between £125,000 and £250,000.
Meanwhile, they must pay 5% stamp duty on between £250,001 and £925,000 of a home’s value.
As a result, these homeowners now face paying £5,000 in stamp duty when buying a property worth £300,000.
This is £2,500 more than they would have paid before the new thresholds came into effect.
The news is a huge blow for all first time buyers and home movers and will make it even more expensive to own your own home.
As a result of the changes, buyers will have to pay stamp duty on 93% of properties for sale, according to Leeds Building Society.
IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time.
There are several ways to land the best deal.
Usually the larger the deposit you have the lower the rate you can get.
If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.
To find the best deal use a mortgage comparison tool to see what’s available.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You’ll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.
You can use a mortgage calculator to see how much you could borrow.
Remember you’ll have to pass the lender’s strict eligibility criteria too, which will include affordability checks and looking at your credit file.
You may also need to provide documents such as utility bills, proof of benefits, your last three month’s payslips, passports and bank statements.
Previously they only paid stamp duty on 70% of houses on the market.
David Hollingworth, mortgage broker at L&C, said buyers who have been unable to complete their purchases before the deadline will be hard hit.
He said: “No one wants to give up thousands of pounds unnecessarily.
“Those that have hit delays that are out of their control and didn’t have a contingency in place will be in a difficult position and may ultimately have to try and renegotiate the purchase price down.”
Here we explain how much stamp duty you will now need to pay.
From this week first-time buyers purchasing a property worth £325,000 will be hit with a stamp duty charge of £1,250 – an increase from the previous rate of £0.
Meanwhile, those buying a property worth £425,000 will see their stamp duty bill rise to £5,000 when previously they also would have paid nothing.
Prospective buyers looking to purchase a home valued at £500,000 will see their stamp duty rise to £10,000 – £6,250 more than they would have paid before.
Additionally, those buying a property worth £600,000 will see their stamp duty rise to £20,000 – up from the previous rate of £8,750.
From this week home movers purchasing a property valued at £250,000 will be hit with a stamp duty charge of £2,500 – up from the previous rate of £0.
Those buying a property worth £500,000 will see their bill rise to £15,000 – £2,500 more than the previous rate.
Meanwhile, home buyers purchasing a property valued at £600,000 will see their stamp duty rise to £20,000 — up from the previous rate of £17,000.
There are several free online calculators that can help you to figure out how much stamp duty you owe.
For example, the website stampdutycalculator.org.uk can help you figure out how much stamp duty you need to pay.
To use it, select whether you are a first time buyer, moving home or it is an additional property.
You can then enter the purchase price and click calculate for it to instantly tell you how much you need to pay.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
For years, Reuben Langdon has embodied the cocky, and rebellious character of Dante in Devil May Cry. Needless to say, every time I thought of Dante, it was Reuben’s voice that popped up in my head. But the voice actor has recently been replaced by Johnny Yong Bosch in DMC. There has been plenty of […]
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“That Covid season was the hardest I’ve ever been involved in during all my years in football.
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“He’s a really nice boy and I’m delighted that he’s going to get a run in the Celtic team.
“It’s a great opportunity for him, between the league run-in and the possibility of a Scottish Cup final appearance.”
Keep up to date with ALL the latest news and transfers at the Scottish Sun football page
“What a great transformation, well done,” penned a third.
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