First-time buyers are facing a mortgage crunch as Britain’s biggest banks axe low deposit loans. The top lenders have axed loans for deposits of 10% or less for the first time ever. They took this step after receiving uncountable applications from wealthy families attempting to take advantage of the stamp duty holiday. Actually, wealthier people…
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On Wednesday, chancellor Rishi Sunak announced an increase in of £500,000 in the threshold for property stamp duty relief in England and Northern Ireland. The general reaction to the news among the mortgage industry was positive, with the hope that the decision will get the market moving quickly after months of struggles amid the Coronavirus…
Stamp duty – a purchase tax paid in England and Northern Ireland on properties worth more than £125,000 – was abolished in 2017 for first-time buyers spending up to £300,000 on a house
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