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Wednesday, January 13, 2016

Prepare now for BTL stamp duty changes

Stamp duty changes for buy-to-let purchases

In his Autumn Statement, the Chancellor announced that higher rates of stamp duty will be charged on property purchased for buy-to-let purposes (above £40,000). This change will come into effect on purchases that complete from midnight on 31 March 2016. The higher rate of stamp duty for buy-to-let purposes will be 3 percentage points above the current stamp duty rates and will represent a significant cost for buyers.

What you can do to get ready

Whether you are purchasing a property or raising funds to facilitate a purchase of another property, it is important that you understand how this change could affect you. If you are arranging a buy-to-let mortgage with Property Hawk Mortgages, please ensure that you provide us with all the information we need to process your mortgage application as early as possible.

Allow sufficient time

Please remember that even after we have received all the information for your mortgage application, lenders will need time to carry out some essential checks, including the assessment of the subject property before the mortgage can be approved. In addition, as we could see a higher volume of applications over the next three months, it might be difficult for lenders to keep within standard timescales.

Once we have received the information for your case, we will do everything we can to help facilitate the transaction before the end of March. However, we can't guarantee that we will be able to help you meet the deadline and you should be aware that it will be your responsibility to cover the additional stamp duty charge if the mortgage completes after the deadline.

Getting support

Please contact us if you require any further information or an update on your application.

Tel: 029 2069 5446


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