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Tue 21 July 2020
We couldn’t have predicted this, but it appears that now couldn’t be a better time to move or buy a property.
Lockdown has made us look at our situations and homes very carefully and without a doubt made us more focussed on what we want and need.
With the property market currently offering a superb choice for all budgets, the government recently upping the stamp duty threshold and now with the return of the 90% mortgage for first-time buyers we’d be mad not to make the best of this situation and if you would like to move or buy your first home now is the time to do it.
For first-time buyers who may ordinarily struggle to save for a large deposit help is now at hand with the re-introduction of 90% loan to value mortgages. Lenders currently offering this mortgage option directly and through independent financial advisors include Nationwide and Platform.
For all buyers in England and Northern Ireland (except second homeowners and buy to let property buyers) huge savings can now be made as the stamp duty threshold has been temporarily increased to £500,000 until 31 March 2021.
During this tax holiday, the average stamp duty bill will fall by £4,500, and almost nine out of ten people buying a main home this year will pay no stamp duty at all. Anyone buying a home for around £475,000 will save almost £14,000 in tax.
Daniel Smalley of Efficient Portfolio, our chosen independent financial advisors, says: “It really feels like we are in the eye of a perfect storm. The recent stamp duty cut is amazing news for everyone considering a move, coupled with competitive mortgage options this really is a great time.
“As lenders begin to open up their higher loan-to-value offerings again, the market can start to function as we are used to.
“It will be interesting to see how this stimulus plays out as we move closer to the end of the current furlough scheme, but we are more than happy to help people who need mortgage advice”.
Which just leaves us to say, what are you waiting for?
Andrew Granger & Co estate agency has offices in Leicester, Loughborough and Market Harborough and can be contacted at www.andrewgranger.co.uk or on:
Leicester – 0116 242 9922
Loughborough – 01509 235534
Market Harborough – 01858 431315