Santander £4,280 warning with simply weeks left to | U.Okay.Finance Information
Santander UK has reported a 130% surge in mortgage purposes within the fourth quarter of 2024, in comparison with the identical period the earlier yr. This spike comes as home-buyers rush to probably save hundreds on stamp responsibility earlier than the April modifications.
The upcoming changes will see the “nil rate” band for first-time consumers drop from £425,000 to £300,000 and for different home-buyers from £250,000 to £125,000. Stamp responsibility is relevant in England and Northern Eire.
Santander means that the average property buy takes about 4 months from receiving a mortgage offer to completion. Due to this fact, those that purchased in direction of the top of final yr are more likely to benefit from the present decrease stamp responsibility charges earlier than the April 1 deadline.
Graham Sellar, Santander’s head of middleman channel – mortgages, stated: “We all know that buying a home – whether it’s our first or our forever home – comes with significant costs. Every penny counts when considering things like legals and removals costs, so it’s great to see so many people make the most of the holiday and secure their new home ahead of April 1.”
Within the South East of England, the place the average home price stands at £385,600, first-time consumers might probably save up to £4,280 in stamp responsibility in the event that they buy earlier than April 1, in response to Santander. In London, an average first-time purchaser might face paying over £11,000 more from April, the bank has calculated.
Based mostly on an average home price of £535,700, Santander estimates that a first-time purchaser at present faces a stamp responsibility invoice of £5,535, in contrast with £16,785 from April. Current analysis carried out by Opinium for the bank amongst 2,000 first-time consumers suggests they’re more and more compromising on location to realize their dream of home possession.
Two-thirds (67%) of those that purchased their first home prior to now two years had by no means visited their new neighbourhood prior to buying, in contrast with simply over half (51%) of those that purchased more than 5 years in the past.
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