If you're looking to buy a home, there's still time to take advantage of the government's Stamp Duty holiday.
Thanks to the tax break, which runs until 31st March 2021, the threshold at which Stamp Duty becomes payable has been raised to £500,000 from £125,000.
Rise in Mortgage Approvals
The Stamp Duty repriece has had a positive effect on the mortgage market so far. Bank of England data shows mortgage approvals jumped to 84,700 in August up from 66,300 in July and the highest level in 13 years. Homes are also selling fast, with Zoopla figures revealing that in the 90 days to mid-August, a three-bedroom home sold in an average of 24 days - 12 days quicker than a year earlier.
How To Get Moving
If you're hoping to buy soon, here are some tips to speed up your purchase:
- Get A Mortgage In Principle - do this while house hunting, so you can proceed as soon as you find a home
- Don't Haggle - sellers are likely to have a lot of buyers willing to pay the asking prince in the current market
- Seek the Right Help - enlist a solicitor and surveyor who can help you as soon as you've found your property
Let us help!
We can also help your home purchase get underway by helping you to find the most suitable mortgage
Your home may be repossessed if you do not keep up repayments on your mortgage
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.