What Is Stamp Duty And How Much Do I Pay?

Most of us when buying a new home will now have to expect to pay another tax on your new property. If you are about to buy a property whether it maybe your first, you will need to know how much you will have to pay, this is explained later on.

What is stamp duty?

Is a tax that you have to pay when you are buying a new home.

This form of tax is paid by the person who is buying the property and how much you`ll pay depends on the price of the property.

Stamp duty, who pays it?

When buying your new home, the home buyer will always pay the stamp duty, this procedure is done through legal process (your solicitors).

If you are a first time buyer, you are exempt from paying stamp duty on properties priced up to £300,000.

Other ways of paying stamp duty

Extra costs can be overwhelming especially when you are buying your first new home. If you find yourself not in the position to pay
your stamp duty, you have the option to borrow more on your mortgage to cover your stamp duty tax bill.

When adding your stamp duty to your mortgage, you need to be aware that you could have a higher interest rate on your mortgage payments