Mortgage Rate Rises

Goodie · 23 Sep 2022 at 11:18

neocon said:
Do you reckon they give a refund on stamp duty if paid within the last few months?

nice try

Minstadave · 23 Sep 2022 at 11:18

jonneymendoza said:
I did the calculator from there website and it still come up as the same.

Basically the property i am about to buy is nearly 700k and im a first time buyer

It says for first time buyers:

If the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.

Itchytrigg · 23 Sep 2022 at 11:18

jonneymendoza said:
I did the calculator from there website and it still come up as the same.

Basically the property i am about to buy is nearly 700k and im a first time buyer

The fact sheets not loading correctly for me now but the upper limit for relief increased for ftb to £625k up from £500k so you’d still be over that limit and need to pay the same as a non ftb. Based on the example of a £600k house due to the lower limit change you’d now pay £2500 less that yesterday.

jonneymendoza · 23 Sep 2022 at 11:19

Itchytrigg said:
The fact sheets not loading correctly for me now but the upper limit for relief increased for ftb to £625k up from £500k so you’d still be over that limit and need to pay the same as a non ftb. Based on the example of a £600k house due to the lower limit change you’d now pay £2500 less that yesterday.

So no difference for me then

kona786 · 23 Sep 2022 at 11:33

Minstadave said:
It says for first time buyers:

If the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.

That's a bit harsh a rule.

Should only have to pay duty on the extra above the limit.

Minstadave · 23 Sep 2022 at 11:36

kona786 said:
That's a bit harsh a rule.

Should only have to pay duty on the extra above the limit.

Can't be many FTB picking up high value properties, it's probably sensible to focus tax relief on those FTB struggling to get on the property ladder.

neocon · 23 Sep 2022 at 11:36

I guess they don't care about that part of the market. One giant Ponzi scheme, need to keep the new people joining at the bottom

kevman · 23 Sep 2022 at 11:38

jonneymendoza said:
So no difference for me then

Looking at this i think you should get a discount?

But not as much if the property was below 625k

What the 45p income tax rate U-turn means for you

Use our tax calculator to find out how the Government's decision will affect your income

www.telegraph.co.uk

jonneymendoza · 23 Sep 2022 at 11:40

Minstadave said:
Can't be many FTB picking up high value properties, it's probably sensible to focus tax relief on those FTB struggling to get on the property ladder.

You will be surprised.

House prices in my area which is zone 4 London have houses being bidded in the 700 to 800k mark for a typical 3 bedroom semi or terrace house

jonneymendoza · 23 Sep 2022 at 11:43

kevman said:
Looking at this i think you should get a discount?

But not as much if the property was below 625k

What the 45p income tax rate U-turn means for you

Use our tax calculator to find out how the Government's decision will affect your income

www.telegraph.co.uk

Thats a good calculator, thanks

I save 2.5k Maybe enough to pay our builder to fix the cielings of one of the bedrooms lol

neocon · 23 Sep 2022 at 11:44

jonneymendoza said:
You will be surprised.

House prices in my area which is zone 4 London have houses being bidded in the 700 to 800k mark for a typical 3 bedroom semi or terrace house

Must be cash rich or taking on a mountain of debt

kevman · 23 Sep 2022 at 11:46

jonneymendoza said:
Thats a good calculator, thanks

I save 2.5k Maybe enough to pay our builder to fix the cielings of one of the bedrooms lol

Lol yeah not much in the grand sceme of things - but better than a kick in the teeth as they say

jonneymendoza · 23 Sep 2022 at 11:50

neocon said:
Must be cash rich or taking on a mountain of debt

Yea must be one of these.

I mean really, is it beyond stupid to ever think i and every FTB would like and afford the first property to be a typical 100 or less sqm terrace/semi detached house?

We aint looking for 200sqm 5 bedroom places as first time houses....

This is basically the lower end of house property types and failing that, you have to be looking at flats/appartments... And again this is in an area tahts beween zone 4/5.... Its not exactly next to buckingham palace....

This is how ****** up the house market has become over the last 3-5 years

jonneymendoza · 23 Sep 2022 at 11:55

In all honestly, cash buyers or rich folks SHOULD be looking at 5 bedroom detach houses..

But maybe they have also been priced out of those by the likes of Harry kane who earns around a million or two a month??(i mention Harry kane as he grew up in the area i am buying lmao)

EvilRob · 23 Sep 2022 at 12:05

jonneymendoza said:
You will be surprised.

House prices in my area which is zone 4 London have houses being bidded in the 700 to 800k mark for a typical 3 bedroom semi or terrace house

Even though they are typical small houses, can't see many FTBs being able to afford them regardless of SDLT.

neocon · 23 Sep 2022 at 12:06

Pound is taking a battering

Stu999 · 23 Sep 2022 at 12:16

jonneymendoza said:
I did the calculator from there website and it still come up as the same.

Basically the property i am about to buy is nearly 700k and im a first time buyer

They’ve put a big banner on it now to say not to use it for calculations from today onwards. They haven’t updated it yet.

Edit - you could buy a non-‘higher than average’ house too.

adam cool dude · 23 Sep 2022 at 12:16

jonneymendoza said:
In all honestly, cash buyers or rich folks SHOULD be looking at 5 bedroom detach houses..

But maybe they have also been priced out of those by the likes of Harry kane who earns around a million or two a month??(i mention Harry kane as he grew up in the area i am buying lmao)

It's a bit crazy isn't it. You are buying a house that is not even detached and over double the price of my three bed detached. For me to live a similar life I would need to be bringing home an extra 30K a year after tax just to have a similar lifestyle to where I am at now.

jonneymendoza · 23 Sep 2022 at 12:52

Stu999 said:
Edit - you could buy a non-‘higher than average’ house too.

Yea out in the sticks. 100miles away from london where the majority of my work , friends and family are!

jonneymendoza · 23 Sep 2022 at 12:53

adam cool dude said:
It's a bit crazy isn't it. You are buying a house that is not even detached and over double the price of my three bed detached. For me to live a similar life I would need to be bringing home an extra 30K a year after tax just to have a similar lifestyle to where I am at now.

Yea exactly. i know for sure i am being mugged for my hard earned savings but it is what it is. i either face the music and jump on the train now because in about 2-4 years time. the houses that are 100sqm or less 3 bedroom houses will be at the million mark....