Stamp Duty Rules Limit ‘Bank of Mum and Dad’
- 23rd March 2017
- Benjamin Jones
- No comments
Since the introduction of the 3% stamp duty charge on second home purchases, parents with their own home are now less likely to sign up for a joint mortgage to support first-time buyers.
Co-ownership with parents was previously a solution for first time buyers who found they could not pass mortgage eligibility tests. Now parents may be more inclined to gift their children a cash deposit to avoid the additional stamp duty charges.
In 2016, the number of first-time buyers in the UK reached the highest level for over a decade, with 29% of first-time buyers relying on assistance from ‘The Bank of Mum and Dad’.
Are you thinking about a property transaction, or supporting a first-time buyer with theirs?
You can benefit from our expert property advice and quality assured conveyancing service.
Speak with one of our property experts today.
Telephone: 029 2022 4433 Email: email@example.com
Find out the legal costs involved in your property transaction by clicking here