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MSE News: Autumn Statement 2015: Stamp duty hike on buy-to-let and second homes
Former_MSE_Helen
Posts: 2,382 Forumite
People buying additional property face a 3 percentage point surcharge on stamp duty rates...
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Autumn Statement 2015: Stamp duty hike on buy-to-let and second homes
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Autumn Statement 2015: Stamp duty hike on buy-to-let and second homes
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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If this pushed up rents, it may make Buy-To-Let more tempting.
Also, does it mean if I want to move house, I have to find a buyer for my existing property before I can move else it'll class as a second home and I'll pay in SDLT?0 -
Surely people on the whole do sell the first before buying the next unless they want to keep both? I think that's a non-issue.0
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wastedtalent wrote: »If this pushed up rents, it may make Buy-To-Let more tempting.
:rotfl:
Unlikely, I think.0 -
Greater demand than supply is what pushes rents up not the costs of buying and running the BTL.0
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Excellent news. Something doesn't sit well with me that the richer amongst us are buying multiple properties for their own gain, which in turn pushes-up prices and keeps owning a house out of reach of a lot of people.
If someone can afford to buy a second home, they can afford to pay a bit more to the state for the priveledge.0 -
alibean121 wrote: »Surely people on the whole do sell the first before buying the next unless they want to keep both? I think that's a non-issue.
Not for me it's not.
I'm buying a house, then transferring my clobber, then doing the flat up to sell it. No room in the flat to do it up properly whilst all my stuff's in it - and certainly not to market it. Buying and selling on the same day 300+ miles apart doesn't appeal to me either.
I'll just have to hope it all goes through before April.0 -
wastedtalent wrote: »If this pushed up rents, it may make Buy-To-Let more tempting.
Also, does it mean if I want to move house, I have to find a buyer for my existing property before I can move else it'll class as a second home and I'll pay in SDLT?
No, because you'll be getting a standard mortgage, this only applies to those getting BTL mortgages.
That said, i'm not sure if/how they will apply this to LL's who are buying a property for cash without a mortgage?0 -
Ah the worm finally turns.
This will be the first of many taxes and penalties to deter BTL. Cant say i'm over exercised by it.£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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No, because you'll be getting a standard mortgage, this only applies to those getting BTL mortgages.
If it only applies to properties with BTL mortgages, it also wouldn't affect those who buy a new home then plan to let out their original, as there's not purchase with a BTL mortgage occurring? Seems a bit ill thought out but then most of George's plans are!0 -
No, because you'll be getting a standard mortgage, this only applies to those getting BTL mortgages.
That said, i'm not sure if/how they will apply this to LL's who are buying a property for cash without a mortgage?
Where did the Cgancellor mention anything about what type of mortgage that you have??
Not sure that you are right on this point?£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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