Countdown to the Budget

robgmun · 22 Nov 2017 at 14:24

LOAM said:
Not wrong at all, mortgage companies can set their own definition of FTB as its their prerogative to do so. As far as HMRC is concerned if you sign a declaration that you are a FTB* when you aren't so that you can avoid Stamp Duty then you would be, by current HMRC definitions, committing fraud.

*as in the case of the help to buy scheme

We were completely open about out history to everyone and we still qualified for the London help to buy scheme, so it seems like they were bending their own rules then

Glaucus · 22 Nov 2017 at 14:24

Great timing on stamp duty, also says effective immediately. The rest of it seems like a damp squib.

Skillmister · 22 Nov 2017 at 14:24

inb4 first time buyer clients who completed in the last month or 2 asking if they can get refunds. Glad I didn't have any so far this week, they'd be furious

J.T · 22 Nov 2017 at 14:27

Freakbro said:
More borrowing.

Which is fine when the Tories do it, but it seems to send people into a frothy rage if Labour want to do it

Yet the forecast for Borrowing is going down - The state of the public finances - http://www.bbc.co.uk/news/uk-politics-42056452

LOAM · 22 Nov 2017 at 14:28

robgmun said:
We were completely open about out history to everyone and we still qualified for the London help to buy scheme, so it seems like they were bending their own rules then

The London HTB has a slightly different eligibility criteria by the looks of it;

Who is eligible?
London Help to Buy equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.

You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with London Help to Buy.

Skillmister · 22 Nov 2017 at 14:29

robgmun said:
All wrong i'm afraid, just bought a new house this year and i owned a flat before, because i sold it and no property in my name i was considered a FTB from everyone from solicitors to the Mortgage lenders.

Depends what requirement HMRC sets. The HTB ISA for example you have to declare "I do not own, and never have owned any interest in land whether in the United Kingdom or elsewhere"

I'd imagine they will do the same.

The Help to Buy loan has never indicated it has those terms, in fact it expressly states in their guide that it is open to all home buyers so long as it is the only home you will own at completion.

BYTEr · 22 Nov 2017 at 14:34

Skillmister said:
inb4 first time buyer clients who completed in the last month or 2 asking if they can get refunds. Glad I didn't have any so far this week, they'd be furious

I completed on the 30/10/2017, I want a refund!

Freakbro · 22 Nov 2017 at 14:34

J.T said:
Yet the forecast for Borrowing is going down - The state of the public finances - http://www.bbc.co.uk/news/uk-politics-42056452

But double what they had forecast it to be.

It's figure manipulation depending on what you want to portray. The borrowing is down, but it's not coming down as much as predicted, because he is borrowing more than expected

Freakbro · 22 Nov 2017 at 14:43

Oh and no mention of benefits, so no rise again - ie: the benefit freeze is still there, so with 3% inflation that's going to hit the poorest

Martini1991 · 22 Nov 2017 at 14:48

What about wage increases for 21's and under etc? NLW only affects 25+.

Freakbro · 22 Nov 2017 at 14:58

Martini1991 said:
What about wage increases for 21's and under etc? NLW only affects 25+.

No mention of NMW and below...

dl8860 · 22 Nov 2017 at 14:59

completed on our first home 6 weeks ago, that's £5k. Damn.

Martini1991 · 22 Nov 2017 at 15:06

Freakbro said:
No mention of NMW and below...

Seems like the poorest will continue scrape by.

Rotty · 22 Nov 2017 at 15:10

Freakbro said:
No mention of NMW and below...

he did say they would increase but didn't give figures

Greg0986 · 22 Nov 2017 at 15:16

Going to get a lovely Stamp Duty refund from my solicitor thanks to Mr Hammond

We've exchanged but complete next Thursday!

explicit4u · 22 Nov 2017 at 15:21

£7.83 from 1st April, a long way away from an actual living wage

LOAM · 22 Nov 2017 at 15:28

You are £270 PA better off if you are a higher band tax payer.

Ben3991 · 22 Nov 2017 at 15:39

Is there any changes to stamp duty rates for non first time buyers? We are soon to complete on our second home, at a value of £214k. Wondered if the rates have changed at all in that circumstance?

Freakbro · 22 Nov 2017 at 15:52

Rotty said:
he did say they would increase but didn't give figures

Ahh, ok. I googled but couldn't see anything

Skillmister · 22 Nov 2017 at 15:53

Ben3991 said:
Is there any changes to stamp duty rates for non first time buyers? We are soon to complete on our second home, at a value of £214k. Wondered if the rates have changed at all in that circumstance?

No