Evaluating Your Mortgage Options

At Benwell Daykin, we try to make our monthly posts to you as knowledgeable as possible, and try to keep them positive, so we apologise for this post about mortgage rates in advance writes Ricky Benwell. August has seen the Bank of England interest rate increase to 1.75 percent. This is the sixth this calendar year and is another attempt by the Bank of England to tackle inflation, with figures expected to potentially reach double digits by the end of the year! As of June 2022, the rate of inflation rose…

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Update to Stamp Duty Thresholds

Reduced ‘stamp duty’ rates on residential properties from the 1st July will be an added bonus to so many prospective home buyers says Benwell Daykin. It means that if you buy a residential property between July 1st 2021 and September 30th 2021, you start to pay Stamp Duty Land Tax on the amount you pay above the threshold of £250,000. From October 1st 2021 the zero rate band will return to the standard amount of £125,000. The rates from the October 1st 2021 are: Up to £125,000 – Nil The next…

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Guaranteed Mortgage Scheme Begins

Following Benwell Daykin’s previous RUDDINGTON.info article in March, detailing the extension to the Stamp Duty Holiday and Guaranteed Mortgage scheme, they are now pleased to expand on this. From the start of this month, the government has provided guarantees to UK lenders who offer mortgages to buyers, to secure a loan with a 5% deposit on a property of up to £600,000 before the 31st December 2022. The UK’s top five banks have announced their support of the initiative and many will roll out their offers and initiatives from the 19th…

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Stamp Duty Holiday Extended & Guaranteed Mortgage Scheme

Following the budget announcement on March 3rd, that the Chancellor extended the Stamp Duty Holiday, what does this mean for Ruddington residents? Well, the property purchase tax has been suspended on the first £500,000 on any property purchase, meaning you have the opportunity to save thousands of pounds if you complete your purchase before June 30th 2021. Nick Aston, senior valuer at Benwell Daykin Estate Agents on High Street, welcomes the extension: “This is great news for home buyers in the Ruddington area” he says. “With their savings on stamp duty,…

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