Budget 2021: The Key Points You Need To Know
Chancellor Rishi Sunak's eagerly awaited Budget 2021 was announced on Wednesday 3rd March and it brings some good news for people looking to take advantage of the stamp duty holiday cuts and those who are hoping to get on the property ladder throughout 2021.
STAMP DUTY HOLIDAY DEADLINE EXTENDED
After much speculation throughout the media in recent weeks leading to the Budget 2021 statement, the Chancellor finally confirmed that the stamp duty holiday has been extended beyond the 31st March deadline, now to 30th September.
The extension will come as welcome news for those who are in the middle of property transactions and were worried whether they’d be able to complete in time ahead of the original deadline. The government hopes this will bolster the confidence in and have a positive impact on the housing market as a whole going forward.
The Chancellor has tapered the end of the scheme by extending it as it stands until 30th June, where the nil rate band will drop to £250,000 before finally ending the holiday on 30th September.
95% MORTGAGE GUARANTEE SCHEME ANNOUNCED
The government announced a new mortgage guarantee scheme to support a new generation in realising the dream of homeownership. This will help increase the availability of 95% loan-to-value mortgage products, enabling more households to access mortgages without the need for prohibitively large deposits.
Lenders have already been confirmed to be in position to start offering the new mortgage scheme from next month with Lloyds, Natwest, Santander, Barclays, HSBC and Virgin Money named by the Chancellor Rishi Sank as the lenders who were already prepared to lend through the scheme from April whilst other Banks and building Societies have confirmed they will be reviewing their product offerings in line with the scheme. Applications for the scheme will be open from next month until December 2022.
HOW GWLEGAL CAN HELP OUR BROKERS AND CLIENTS GOING FORWARD
GWlegal previously advised that under these difficult and uncertain times, it remains business as usual, as we aim to continue helping our conveyancing clients complete their property purchases, sales and house moves with our fantastic deals every month!
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