SDLT on shared mortgage

tentin66626

Good afternoon all,

Came back from the bank earlier about releasing equity from a property, i had to get my son to assist and because he is a first time buyer he will need to pay stamp duty. The bank is unsure of how much he will have to pay and the fees that will go with this. I have gone through the internet and cannot find any other information on this.

Please let me what else i can check or any sites that might help.

Thank you in advance.

TrickyDicky101

Assuming a joint mortgage between you & your son then is the mortgage over £250k? If not, no SDLT.

The potential risk for your son would then be should he want to buy an alternative property (in addition to the proposed one) in the future and being hit by the additional rate of SDLT.