Your home may be repossessed if you do not keep up repayments on your mortgage.
Last year, 74% of first-time buyers* paid Stamp Duty Land Tax when they bought their property. Stamp duty is payable on properties worth more than £125,000 (£145,000 in Scotland, where Land and Buildings Transaction Tax applies). The figures show that just a quarter of first-time buyers bought properties worth less than the stamp duty threshold of £125,000, down from 47% in 2006.
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.
The Financial Conduct Authority do not regulate buy to let mortgages. Re-mortgagemyhouse Ltd is registered in England and Wales, No 10602415. Registered address: First Floor, 36 Station Road, Llanishen, Cardiff, CF14 5LT
Re-mortgagemyhouse Ltd is an appointed representative of Quilter Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority. Quilter Mortgage Planning Limited is entered on the FCA register (http://www.fca.org.uk/register/) under reference 440718.