Aaron Tawny :: Independent Financial Advice :: Mortgages

First-time buyer rules

Matthew Barrand Blog, Mortgages

Anyone buying their first home from July 1, 2021, can get stamp duty relief at the same level as that before July 8, 2020.

This is a discount to help first-time buyers get on the property ladder.

This means you’ll pay:
• Property purchase price up to £300,000 – zero per cent stamp duty
• The portion from £300,001 to £500,000 – 5 per cent stamp duty

If the sale price is over £500,000, the rules are the same as for everyone else.

Other rules – additional property owners

If you are buying an additional property, the 3% additional surcharge rate is still payable now.
This includes the situation in which you haven’t sold your main home at the time of buying the next one. It’s because you are classed as owning two homes at that point.

If you sell the original home, you may be able to get a refund on the additional stamp duty you paid. This is usually if it’s sold within 36 months but there are exceptions such as where the sale was held up by factors beyond your control.