Chancellor George Osborne announced in the Autumn Statement that landlords and investors will pay a 3% surcharge on stamp duty rates from this April. Landlords, or indeed those buying a second home, who are keen to do a deal before April should also ensure they have a good solicitor on board and have spoken to an independent mortgage broker about finance. With the NAEA warning in December of a typical 50-day wait for a mortgage offer, borrowers can’t afford to hang around by going direct to a lender. A mortgage broker will help them identify the lenders who can move quickly and get an offer out in time.
On the ground, we have already noticed investors keen to buy before February so that they can complete by April and avoid the extra stamp duty take. Because of the tight time frame, there is more risk in buying a property in a chain because of the chance of fall-through of the sale, leaving even less time to complete a transaction. If you are in the market for an investment property, please contact us on 0161 427 0755 to discuss your requirements. We can also update you on the best Buy To Let mortgage deals with our sister company Alexander Chase Financial Services. More...
"Prices could rise up to 50% over the 10 years" a report predicts with the typical house price rising by £139,000!
Report compiled by the Centre for Economics and Business Research for the National Association of Estate Agents.
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