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Stamp Duty is changing for first-time buyers.
In the Budget 2017, Chancellor Phillip Hammond announced that Stamp Duty would be exempt for people buying their first property if it costs under £300,000. For first homes under £500,000, you won’t have to pay Stamp Duty on any the first £300,000, which will reduce the amount you need to save.
• On a £300,000 home, first-time buyers won’t have to pay any Stamp Duty, instead of a £5,000 charge.
• For a £500,000 property, Stamp Duty will now be £10,000 instead of £15,000.
• If your first home costs over £500,000, you will not get a discount.
Watch our quick video to get a great overview of the changes and what they mean:
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It all means that it should make it easier for first-time buyers to get on the property ladder and make the housing market move faster at all levels.
Check mortgage eligibility online