Increase in Stamp Duty
This has been quite well documented, but as of 1st April this year, the Government are introducing a 3% increase to Stamp Duty on house purchases where this is not your main residence. So this will impact any purchase of a rental property, second homes, pied-a-terre’s etc. You will need to have completed the purchase by 31st March to avoid this additional cost.
We have also noticed that possibly as result of this, and the proposed change in tax relief to BTL properties, lenders are also tightening their rental stress tests, meaning that larger loans on BTL are becoming tougher for some lenders and borrowers alike.
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Rose Capital Partners Limited is an appointed representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority.