Stamp Duty Holiday

 England have provided a stamp duty holiday for residential purchases due to last up until 30th June 2021. This applies to homes up to a value of £500,000 which means that you could save yourself up to £15,000 in stamp duty when compared to buying a property before the stamp duty holiday. Even for those not buying a property around the £500,000 price point it is thought the average saving will be around £2,000 which can go a long way to getting your new home to your liking. If you are in Wales following the changes in July, you do not pay any stamp duty on properties up to the value of £250,000 for main residential purchases.

It is worth bearing in mind here that while there is a stamp duty holiday the story hitting most of the headlines is the rising cost of property. This is likely a result of the stamp duty holiday but as long as you make sure the property you are looking to purchase still seems reasonable as the mortgage lender will still want to have their own valuer go out to see it, the likelihood is you might end up splitting the saving with the seller meaning you are still both better off buying during the stamp duty holiday rather than after it ends even if house prices do fall back down a fraction.

Help to Buy Wales scheme extension.

 The help to buy Wales scheme was due to end in March 2021 but has been extended for the third time. It is expected the extension will go on till March 2022 with a possible fourth extension taking it till 2023 subject to funding from the Welsh government. So far more than 10,000 homes have been purchased on the scheme since 2014 and with the new extensions this provides first time buyers a great reason to continue their plans to utilise the scheme in buying their first property. It is worth noting there will be some changes in April 2021, while the price cap is being lowered from £300,000 to £250,000 all homes are now expected to be available broadband ready.

For those of you unsure on what the scheme currently is, the Welsh government scheme supports the purchase of homes up to a value of £300,000 currently when you provide a 5% deposit with the scheme providing a shared equity loan of up to 20%. You must take out a repayment mortgage to cover the other 75%. The shared equity loan must be paid off within 25 years, however, you are free to pay this off whenever you want during that period. For more advice on the Help to Buy Wales scheme please speak to one of our mortgage advisers who can tailor their advice to your circumstances

Insulation Scheme

 If you are purchasing in England the Government have provided a £2 Billion insulation scheme providing homeowners with up to £5,000 for improvements to help save on their energy bills. Dependant on your situation, poorer households will be able to receive an enhanced £10,000 allowance for home improvements. It is expected many homes will be able to save up to £600 per year by using the scheme. The scheme is set to run up until March 2022 so be sure to see what you may be eligible for before then and factor this in if you are looking to buy a house in need of some additional insulation.