Discover if the stamp duty surcharge applies to you with mortgage broker, Deal Direct.

Homeowners; UK independent mortgage broker, Deal Direct, can help you establish if you must pay the stamp duty surcharge, or not when buying a second property.

Autumn’s budget saw The Chancellor close a loophole in property legislation that could have meant some landlords, as well as those who own a second home, escaped paying the 3% stamp duty surcharge.

The higher rate of stamp duty was introduced back in April 2016. It applied to people who already had a main residence and bought a second home to live in. Upon purchase of the second property, a stamp duty surcharge of 3% applied.

However, the surcharge could have been avoided if the homeowner only sold part of their main residence or their spouse bought it from them before the purchase of a second property was entered into.

With immediate effect from the budget announcement, homeowners who buy a second residence without selling their entire main residence first will be compelled to pay the higher stamp duty rate of 3%. If the buyer of the main residence is their spouse, the 3% stamp duty will still apply to the second home.

There are exemptions, but these pertain to whether the property is being held in trust or not.

Deal Direct’s advisers are experts in all types of mortgages and can guide you through the implications of the recent changes in rules and regulations that govern the purchase of any type of property.

For expert guidance and mortgage advice,

call Deal Direct on 0800 048 8828.