04 March 2021

GOOD NEWS for the RETFORD PROPERTY MARKET


Property Stamp Duty Holiday Deadline extended to 30th June

As expected the government announced yesterday that the temporary stamp duty holiday will be extended until the end of June.

The news will hopefully come as a relief to those buyers and sellers in the Retford area who have been trying to get their sale completed in time to meet the previous deadline of 31st March.

What is the temporary stamp duty holiday? 

The temporary stamp duty holiday, first announced by the government on 8th July last year, means that if you are buying a home up to the value of £500,000 you will not pay any stamp duty.

The extension means you now have until 30th June to complete on the purchase to make the stamp duty saving.

Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September 2021

It will return to the usual threshold of £125,000 on 1st October 2021

How the new mortgage guarantee scheme will help buyers with 5% deposits

For anyone who’s found it challenging to save for a 10%, 15% or 20% deposit over the past year or so, this is good news.

The government also announced yesterday a new mortgage guarantee scheme to help first-time buyers AND existing homeowners.

Under the new scheme, which will launch in April, first-time buyers and existing homeowners will be able to purchase homes worth up to £600,000 with a deposit of just 5%.

The way the scheme works is that the government pledges to repay lenders some of their losses if you as the buyer default on your mortgage repayments for any reason.

In return for this guarantee, lenders have to sell mortgages worth up to 95% of a home’s price – so that you as the borrower can proceed with a deposit of 5%.

It’s a potential game-changer for many first-time buyers as lots of 95% mortgages were made unavailable during the past year.

Thanks or reading

I'm here to help sellers, buyers, landlords, and tenants.

Call me or drop me a message if you think I might be able to help you.

geraldbowers@thegoodea.co.uk

The Good Estate Agent – North Nottinghamshire
Tel: 01777 237310 or 07981 744003

https://www.facebook.com/thegoodestateagentnorthnottinghamshire


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