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Stamp Duty Abolished for first time buyers

Stamp duty is to be waived for first time buyers

Earlier this month the Chancellor of the Exchequer, Philip Hammond, released his Autumn Budget for 2017 and his BIG news on stamp duty for first time buyers. One of the biggest hurdles for first time buyers presently, is being able to save enough money for the deposit and all the costs to be able to buy their first home. With the government under massive pressure to help first time buyers, Philip Hammond has announced the removal of stamp duty for the first £300,000.

This means that first time buyers, buying up to £500,000, they will not have to pay stamp duty on the first £300,000. This could be a potential saving of up to £5,000 for first time buyers. For most first time buyers in our area of Sussex, this could be a massive saving as property prices are already very buoyant.

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Find out how much money you need

If your a first time buyer and want to find out how much money you will need to buy your first home, then contact us. We can take a snap shot of your circumstances and let you know how much you can borrow and how much money you will need to purchase your first home. contact us at info@numberonemortgages.co.uk or on 01273 736536.

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