A continued stamp duty holiday would be the best mortgage news.

The best mortgage news for many first-time buyers would be to hear that the Government have decided to extend the stamp duty holiday which is due to end on 24 March.

Indeed the Council of Mortgage Lenders has called for the Government to announce an extension to the stamp duty holiday in their Budget this March.

The Chancellor will give his Budget statement on March 21 and many first time buyers will be hoping for the best mortgage news possible that the stamp duty holiday will be around for longer.

In the November autumn statement, the Chancellor advised that there would be no stamp duty holiday extension as the Government feels the concession has been ineffective.

With each passing day we are hearing of more lenders increasing their standard variable rates. We at Deal Direct feel that the Chancellor should take another look to review the end of the stamp duty holiday as with rising rates first time buyers need all the help they can get.

In its twice monthly newsletter, the CML warned against the removal of the stamp duty concession. It also called on the Government to reform the structure of stamp duty because the CML believes that it both impedes labour mobility and distorts housing market decisions.

The CML feel that at present the economy remains fragile and the end of the stamp duty holiday may have a disproportionately negative effect. The CML also advise that in the long term the fundamental flaws which persist in the stamp duty structure need to be addressed.

While the best mortgage news would be of stamp duty reform and a concession extension, it is not likely to happen before 24 March and so those planning to buy a property should do so soon.