If you’re a first-time homebuyer, don’t make any decisions until you watch the latest episode of Citrus Mortgage Bites. In this must-see episode, hosts Richard Harris and Holly Bettles tackle one of the hottest topics for first-time buyers: the potential changes to stamp duty in the upcoming October budget.
Holly dives into the details of how a stamp duty adjustment could impact your purchasing power. She explains the possible changes, including the lowered nil-rate band threshold from £425,000 to £300,000, meaning that first-time buyers purchasing properties over £300,000 might soon face additional stamp duty fees. As Holly notes, waiting could cost you thousands of pounds – especially if your home isn’t completed by 31st March 2025, when these changes might take effect.
Beyond stamp duty, Richard and Holly also explain why fixed-rate mortgages are currently getting more expensive even though the Bank of England is expected to cut rates next month.
Whether you’re actively house-hunting or planning to buy soon, this episode gives essential insights to help you make informed decisions.
Plus, Citrus Financial will release a follow-up video right after the budget announcement to cover any updates in detail. Don’t miss it – your future home may depend on it!
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
