The Budget -stamp duty extended and 95% mortgage guarantee

The chancellor, Rishi Sunak, delivered his much anticipated budget this afternoon and there were two key announcements affecting the housing market.

Stamp Duty extension until 30th September

The current stamp duty holiday provides an exemption of the charge on all properties under £500,000 and was due to expire on 31st March.

Recognising the vast number of property transactions still to complete, the chancellor has extended this deadline to 30th June, which will be welcome news for those in the middle of the purchase process.

To avoid the same situation arising on 30th June, the chancellor has tapered the end of the scheme by dropping the nil rate band to £250k from 1st July before finally ending the holiday on 30th September.

This could still save buyers up to £1,500 (based on the purchase of a £200,000 home) and highlights a fantastic opportunity for buyers and current homeowners to take advantage well into 2021.

95% Mortgage Guarantees for first time buyers

At the beginning of 2020 as the first lockdown was introduced, many lenders withdrew their 95% mortgage products due to the uncertainty surrounding the pandemic. Our mortgage team had started to see a few coming back, which we advertised last month.

Today the chancellor has confirmed that he will introduce a government guarantee offering first-time buyers a wider choice of mortgages that require a deposit of just 5% of the loan.

This will be available when buying properties worth up to £600,000 and has already been backed by the main high street lenders. These mortgage products are expected to be available from next month.

So two opportunities to help you move to your dream home, or to get onto the first rung of the property ladder. If you are looking to move, unsure what this means for you or wish to discuss your mortgage options please get in touch with the team.  

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