As per the mortgage advisor Essex, a tax known as the Stamp Duty Land Tax (SDLT) is levied on any real estate transaction that occurs in England or Northern Ireland and exceeds a certain price threshold. A new stamp duty schedule was implemented on September 23, 2022, and it was effective immediately. These regulations, which are reflected in the buy to let stamp duty calculator, are that the stamp duty is waived on the first £250,000 of a property’s value. Stamp duty is waived for the first 625k (£425,000) of a property’s purchase price for first-time buyers.
Stamp Duty On First-Time Buyers
According to a renowned mortgage advisor Essex, first-time purchasers in England and Northern Ireland pay no stamp duty on the first £425,000 of a purchase price and only 5% on the remaining amount, up to a maximum of £625,000. There are no stamp duty exemptions for investment properties or homes worth more than £625,000. You meet the requirements if either you or the person you plan to buy with is a first-time homeowner. First-time buyers can consult the buyer’s handbook for information on stamp duty. When calculating the total stamp duty owed, the buy-to-let stamp duty calculator will take into account the fact that you are a first-time buyer.