Budget 2010: Stamp duty threshold raised to £250,000 for first time buyers

JA1000

Harvie wrote: »

2k...its horrid. We could have waited had we known as no chain. We are getting married in May, all those things I have budgetd on and now this!! I am just curious as to if this was something that was common knowledge and I have been living in a bubble and not been aware.

Time to burst the bubble!!!

Heva04

I am ecstatic that this has happened today

We complete on the 1st of April but we were gutted when the stamp duty holiday ended in December

The news today has brought a big cheeser to my face.

Thats us £1500 better off!!!!

mrsmasterplan

I've exchanged but completing on the 8th April 2010. Great news at the end of a long long day!

BellaT81

This is the best news I've heard in ages - we've had an offer accepted and waiting for all the bits and pieces to be sorted before completion. This is £1600 that will go straight towards the new kitchen budget - I am so excited!!

Senior_Paper_Monitor

Paul - read my post 22 (highlighted bits will do) ??

Tristan - my current reading of the flood of reference documents is that if you can pass the affordability/credit score/income multiples (without your partner's contribution) then you would save up to £2,500 by putting it in your name. A later transfer of equity should cost £200-300 to execute.

I do not expect (still waiting to finalise all information) that someone living with you (whether FTB, wife, civil partner or not) will impact on the deal - with the exception of the issues mention by Rah (although such a deal with a wife rather than 'partner' does bring in additional complications).

It will be a few days (or possibly weeks) before we (and other brokers) have established the stance of different lenders to such questions - in addition to the cold definitions of the new tax rules which should be clear tomorrow.

Dinah93

I read on BBC news that the Tories intend to reverse 'all' of todays budget decisions within 50 days if elected - can they do that?! I thought they had to wait until the next budget in 2011?

flammable999

Dinah93 wrote: »

I read on BBC news that the Tories intend to reverse 'all' of todays budget decisions within 50 days if elected - can they do that?! I thought they had to wait until the next budget in 2011?

From what I gather, that was their policy (stamp duty) that was kinda stolen by Labour anyway so maybe they would leave the stamp duty one alone.

Pincher

Wasn't the stamp duty baseline £125,000? Below which there was no stamp duty any way?

So they are trying to help a First Time Buyer who can afford a £125,001 to £249,999 house? Assuming 90% LTV, the loan is at least £112,500 , so the salary needs to be £32,143 at 3.5 times income multiple.

I think it's a ruse to sound generous, then disqualify most of the transactions because they are not FTB.

pault123

why have up to 250,000 for a FTB? i may be wrong but to be able to afford a £250k house i'd say you would have to be earning a decent salary and i'm sure stamp duty wouldn't really be much of an issue for you.

The real end of the market which is struggling is the sub £175k houses, FTB or not.

Would have been far better no stamp duty for everyone below £175k,

0.5% stamp duty £176-£250k

sportley

I am currently in the process of buying a property with my girlfriend. I am a first time buyer, but under the terms, my girlfriend is technically not (even though she's currently renting) as she has previously owned a property. We have a joint mortgage with HSBC. Is it possible for the property purchase to be completed in my name only in order to benefit from the stamp duty holiday, while the mortgage secured on the property is in both of our names? I couldn't get the £180k mortgage on my salary alone.