Double budget boost for home buyers
Stamp Duty extension and new 95% mortgage guarantee scheme
The chancellor has given home buyers a double boost with two key announcements in this year’s budget.
The Stamp Duty holiday has been extended to June 30th with no tax to pay on properties worth up to £500,000.
In an unexpected but welcome move, the holiday has been extended still further to September 30th for properties valued under £250,000.
First time buyers have also received a huge boon with the announcement of a new 95% mortgage guarantee scheme to support those with small deposits buying a property worth under than £600,000.
Many of the high street’s biggest lenders have already indicated they will offer the mortgages, which will be guaranteed by the government.
The interest rates on these mortgages will be fixed for the first five years, providing security and stability for new homeowners. More information about the Mortgage Guarantee scheme has been issued by the government here.
Mortgage providers and financial advisors will be able to help buyers with small mortgages find the best deal for them. Both incentives will be welcome for buyers and the wider market says Russell Homes’ sales consultant Jackie Mathieson.
“The Stamp Duty extension is really great news for buyers who will be able to save up to £15,000 on a purchase up to £500,000 until the end of June. And the additional extension for properties under £250,000 to the end of September is also absolutely fantastic.
“It will make such a difference for first time buyers and those wanting to move up the property ladder from their first home, and could save them up to £2,500.
“The big surprise of the day was the announcement of the Mortgage Guarantee scheme to help buyers with low deposits. This is a great move to support first time buyers and will be an important stimulus for the whole housing market as the country starts to recover from the economic impact of the pandemic.”
Buyers wanting to move to Russell Homes’ new Stubley Meadows development in Littleborough can find out how they can benefit from the extended Stamp Duty Holiday and Mortgage Guarantee scheme by speaking to one of our sales consultants.
Due to Covid restrictions, face-to-face meetings are being limited and are strictly by appointment only, but customers can still speak to our team by phone, email or video call.