Budget Provides Home Buyers with Additional ‘Shots in the Arm’

Wednesday, March 24th, 2021

During his recent Budget announcement, Chancellor Rishi Sunak provided UK home buyers with an extra two ‘shots in the arm’ and in doing so also gave mortgage advisers a welcome boost ahead of what some had feared might have been the ‘cliff edge’ effect of ending the Stamp Duty holiday.

Smaller Deposits with 95% Mortgages on Offer

The first piece of good news is that the Government are going to provide guarantees to mortgage lenders for 95% mortgages, meaning that those looking to buy a property and perhaps even get on the housing ladder for the first time should be able to do so with a much smaller deposit than is currently required.

Clearly, such schemes will not be available to everybody and as always, the devil will be in the detail but, it has been widely accepted as good news by those giving mortgage advice and aspiring homeowners alike. 

Professional Mortgage Advice More Important Than Ever

That said, given the anticipated qualification criteria for mortgages at this level, it is more important than ever that those looking for a mortgage seek mortgage advice from a professional broker that can access a comprehensive panel of mortgage lenders. In this way, the many options and products that are available can be explored to determine what is likely to be the most appropriate solution.

Stamp Duty Holiday Extended

Also, last summer the Government had temporarily increased the amount at which Stamp Duty is paid to £500,000 and this scheme was due to end on 31st March 2021. The second piece of good news is that this Stamp Duty holiday has now been extended until the end of June 2021, albeit carrying with it all the current rules and criteria of the existing scheme. 

Furthermore, from July 1st until the end of September, the starting rate of stamp duty will the further reduce to £250,000 after which time it will return to its original level of £125,000.

These extensions will still potentially provide a significant saving to tens of thousands of home buyers during the coming months and mortgage advisers hope it will help maintain the current momentum generated by the introduction of the original scheme back in July 2020.

Your Specialist Mortgage Broker is Here to Help

Many home buyers are likely to benefit from the advice given by a professional mortgage broker who can then guide them through the path to getting the property of their dreams and help oversee the whole process from end-to-end, and with that in mind, if you would like to check out what our clients think of the first-class service, they have received from us, click our testimonials link HERE.

Our specialist mortgage broking team here at Caboodle Finance of Sutton Coldfield, Birmingham is here to help you. To make a confidential, no-obligation enquiry, just call one of our experts today on 0121 308 9114 or alternatively click HERE to contact us by email and we will be in touch.

We look forward to hearing from you.

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