First time home buyers are rushing to complete their mortgage deals. In the next couple of weeks the stamp duty exemption will expire and those wishing to buy a house will no longer be getting such a great deal. First time home buyers that purchase a home between 125,000 and 175,000 pounds will be able to get the stamp duty exemption, as long as the mortgage deal goes through before New Years’ Eve.
The stamp duty exemption was already extended once from April to December, but it is unlikely to happen again. Already the United Kingdom is seeing changes in the economy for the better, and with pre- budget reports showing the need for the stamp duty many need to move fast to take advantage of the exemption. Already in the last week the CML has seen 6,200 first time buyer loans.
Still, some first time buyers may not be able to take advantage of the great deal. High risk mortgage lending has ended. It is after all the cause of the recent economic issues. The Financial Services Authority spoke up stating that they have new rules that will restrict lending even more. Based on the new laws and the end of the stamp duty exemption in the next six weeks it is imperative for first time buyers to act quickly. Any deal on the table right now needs to be hurried through and finalised to avoid missing the current rules and break on taxes.