Lifeline for Torbay House Buyers & Torbay First-time Buyers 🏑

Lifeline for Torbay House Buyers & Torbay First-time Buyers 🏑

Chancellor announces 95% mortgages and stamp duty extension

In the last few hours, the Chancellor of the Exchequer, Rishi Sunak, has stated the Stamp Duty Holiday for Torbay properties up to Β£500,000 will be extended from 31st March 2021 to the 30th June 2021; and to ensure we don’t have a cliff edge, from 1st July 2021, the Stamp Duty Holiday will apply only on properties up to Β£250,000 until the end of 30th September 2021. 
From the 1st October 2021 Stamp Duty thresholds and levels will return to pre-pandemic levels.
To help Torbay first-time buyers, the Chancellor confirmed that there will be Government guaranteed 95% mortgages available from April, on the purchase of properties up to the value of Β£600,000. This means Torbay first times buyers will be able to buy their first home with just a 5% deposit.
Torbay Landlords will also be pleased there was no statement on Capital Gains Tax, although this will have to be addressed in the years to come.
Torbay tenants, those hardest hit with unemployment and job uncertainty, will also be pleased to hear that the Furlough Scheme will be extended to the 30th September 2021.
It is my intention to publish a greater in-depth article early/mid next week to discuss these topics and what it actually means at a more granular level for Torbay homeowners, Torbay property buyers, Torbay tenants and Torbay landlords.

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...and new 5% deposit mortgages for Torbay first-time buyers 🏑

With UK property prices rising by 49% in the last 8 years, but wages by just under 12%, many have put some of the blame for the housing crisis on the Baby Boomer generation. Have baby boomers wrecked the Torbay property market for millennials, holding younger families back from buying their own Torbay home?

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