Your home may be repossessed if you do not keep up repayments on your mortgage.
With the average property costing over £200,000, according to figures from the Land Registry, more and more first-time buyers are finding themselves paying this tax. Calculating the tax Where a property is worth in excess of the nil-rate band, the amount up to £250,000 is charged at 2%, and between £250,000 and £925,000, 5%. This means that first-time buyers purchasing a property for £275,000 would pay £3,750 in stamp duty in England and Wales, and £3,350 in Scotland. Some commentators have called for the tax to be levied against the seller, not the buyer, to help reduce costs for those entering the housing market.
*Yorkshire Building Society 2017