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Bye Bye Stamp Duty (Autumn Budget 2017)


Lloyd90
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Some good news for some in this years Bidget as stamp duty for first time buyers (upto £300,000) is to be scrapped. 

BBC reports state “from today” although I am hoping to confirm this. 

I am really hoping infact as some Maby know recently had our offer accepted on our first home with my Gf and this would save us a significant chunk of change :) I still don’t thibk she’ll let me spend it on a gun though!! She’s already thinking it’s paying for new carpets!! 

Any other big wins (or loses) for anyone? 

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53 minutes ago, 12gauge82 said:

Fantastic news for the young struggling to get a hold on the property ladder, well chuffed for you Lloyd

 

44 minutes ago, Lloyd90 said:

I was until my Gf has already spent all the money on carpets and other ****!! Lol 

Much better than walking around on bare concrete floors!

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1 hour ago, TIGHTCHOKE said:

Much better than walking around on bare concrete floors!

The voice of experience who has learned to appreciate the creature comforts and wisdom in domestic harmony.

2 minutes ago, Lloyd90 said:

It’s already got carpet - just needs a bloody good clean ?

The voice of devil may care youth who in 20 or 30 years will appreciate where the voice of experience above is coming from :P 

Who needs new carpets and nice curtains when you could have a new gun and an awesome sound system or even cash in the bank :D 

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1 minute ago, Jaymo said:

What makes a ‘First time buyer’? 

Does age come into it or say, no current mortgage but now applying for one?

How is it policed.....

what if you had a mortgage 10 years ago but not since, still the same struggles to get into the propert ladder......

Some of the earlier schemes essentially defined it as never having bought a property before either in the uk or abroad. You also had to be buying as a primary residence. There was some form of exception for very short leaseholds i think.

 

I dont know how they are defining it this time but imagine it wont be more generous. 

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It doesnt apply unless both (if a joint purchase) are first time buyers, i heard some people chatting in the pub one said he scrimped and bought himself a bedsit and paid stamp duty as it was above the threshold by a few k, now him and his mrs are buying a house together and he had already made the call, as he had held a property before they wernt eligible (it also applies if you have ever bought a property in the rest of the world, how anyone would know about a house abroad is another thing)

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4 hours ago, evolution380 said:

First time buyers need this with how hard it is to get on the ladder thanks to the previous generation. We don't get the luxury of 110% mortgages so a small win for those buying their first home.

You think it's hard now? We bought our first house 7 years ago when it couldn't have been harder for first time buyers to get on the ladder. Interest rates were higher, required deposits were higher, banks didn't want to lend to anyone high risk but we managed to do it. Every generation has its issues.

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6 minutes ago, ferguson_tom said:

You think it's hard now? We bought our first house 7 years ago when it couldn't have been harder for first time buyers to get on the ladder. Interest rates were higher, required deposits were higher, banks didn't want to lend to anyone high risk but we managed to do it. Every generation has its issues.

I'd say that's within the same generation and actually moreso the major struggle I was on about. Not great now but I agree not as bad as then! 

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44 minutes ago, ph5172 said:

It doesnt apply unless both (if a joint purchase) are first time buyers, i heard some people chatting in the pub one said he scrimped and bought himself a bedsit and paid stamp duty as it was above the threshold by a few k, now him and his mrs are buying a house together and he had already made the call, as he had held a property before they wernt eligible (it also applies if you have ever bought a property in the rest of the world, how anyone would know about a house abroad is another thing)

Did a quick look n see and my findings did seem to back this up.

whilst I can understand that many FTB’s face the challenge of making their purchase/finance, also find it slightly biased towards others who also have scrimped to save the required amount.

mr and Mrs jones buying their first place with joint disposable after the mortgage is paid or Mrs smith who has been unfortunately divorced and is left with two young children and Has to find the Stamp Duty—- hmmmmm

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13 minutes ago, Jaymo said:

Did a quick look n see and my findings did seem to back this up.

whilst I can understand that many FTB’s face the challenge of making their purchase/finance, also find it slightly biased towards others who also have scrimped to save the required amount.

mr and Mrs jones buying their first place with joint disposable after the mortgage is paid or Mrs smith who has been unfortunately divorced and is left with two young children and Has to find the Stamp Duty—- hmmmmm

Who counts as a first-time buyer?

Anyone who hasn't owned a property before anywhere in the world, whether bought or inherited.

You also won't qualify for the discounted rates if you're buying to let – even if it's your first purchase. The property you're buying needs to be used as your main residence.

I'm a first-time buyer but I'm buying with someone who isn't. Do we get the lower rates?

If you're a first-time buyer jointly purchasing a home with a non first-time buyer, sadly you WON'T qualify for the first-time buyer rates. You both need to be first-time buyers.

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21 minutes ago, evolution380 said:

I'd say that's within the same generation and actually moreso the major struggle I was on about. Not great now but I agree not as bad as then! 

Yer sorry I should have separated the last line. I know my parents had major issues when interest rates went through the roof so it has never been easy to buy or be a house owner. I hear A lot of people complain how difficult it is but it's never been easy and for our generation it's beginning to get easier, people just have to get on with it.

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1 hour ago, ferguson_tom said:

Yer sorry I should have separated the last line. I know my parents had major issues when interest rates went through the roof so it has never been easy to buy or be a house owner. I hear A lot of people complain how difficult it is but it's never been easy and for our generation it's beginning to get easier, people just have to get on with it.

Thing is back then at least most would get a nice sized house. 

These new builds are all jammed in, tiny rooms and know people can’t go elsewhere as only they do the 5% deposit for first timers. 

We just count our blessings we don’t have to buy one. 

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13 hours ago, Lloyd90 said:

These new builds are all jammed in, tiny rooms and know people can’t go elsewhere as only they do the 5% deposit for first timers. 

This year mortgage companies have started offering 95% mortgages again on all houses and to anyone. Interest rates are higher but thats always been the case the higher the LTV the higher the interest rate.

I know what you mean about the new builds though, i think its criminal the way house builders mislead people with the showhomes making all rooms just that bit bigger than in the standard built house. Also how can you say a house has X number of bedrooms if you cant even fit a full size single bed in one of the rooms!

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