Stamp duty explained Stamp duty for first-time buyers
For first-time buyers purchasing a property before 25 March 2012, there was extra stamp duty help. If you were a first-time buyer, the threshold for when you started to pay stamp duty was £250,000, rather than £125,000. A first-time buyer purchasing a house worth £250,000 would therefore save £2,500 compared with someone who had owned a house before.
The higher threshold only applied if you had never owned a house or flat before. If you were co-buying with a partner or friend, they must also never have owned property in the past.
The higher stamp duty for first-time buyers only applied to purchases completed on or after 25 March 2010 but before 25 March 2012. After 25 March 2012, the standard stamp duty rates listed below apply.
Check out our first-time buyers mortgages guide for a whole host of useful money saving-tips.
|Current stamp duty rates for first-time buyers after 25 March 2012|
|Value of property||% of total value payable|
|£0-£125,000 (until 25 March 2012)||0|
|£2,000,001+ (held in 'corporate envelope')||15|
Need mortgage advice?
In anticipation of the end of first-time buyer help, some mortgage providers have launched mortgage products aimed specifically at first-time buyers.
We believe you should seek independent mortgage advice before taking out a mortgage. The Which? Group offers an independent mortgage advice service, Which? Mortgage Advisers, that looks at every mortgage from every available lender. You can also find an independent mortgage adviser using Unbiased.co.uk.