Owning your own home

Is that only if you exchange/complete before then? Say I look to move/buy later this year/early next and it drags on until after 31st March, what would the deal be then? Appreciate you are not the gatekeeper of this info so not asking you specifically.

what would the deal be then

No deal Brexit gruel

All stamp duty changes always only affect the completion of the contract.

If you complete between now and March 31st, you don’t pay stamp duty below £500k. If you complete afterwards (or any time up to yesterday) tough shit.

Good to know. It had been on my mind to think about moving and an extra £15k on the deposit for a new place is not insignificant at my rung of the ladder.

god that is a spanner in the works.

Given we were thinking of moving next summer (fixed term expires in July), we could save £25,000 if we managed to complete before the deadline though if I understand it correctly on a ~700k property?

although, not sure we'd get a 10% mortgage at 4.5x income rn

House prices likely to go up now

you will be really sour if they dont

What a shit show

600k mortgage? You're braver than I am.

Our fixed rate runs until 2023, with any early repayment charges likely to be about £6k until Jan 2022 (3%). 1% for the final year. So I had already factored in £6k to the cost of moving, with the outside chance that my mortgage advisor could convince Halifax to port the mortgage without the fee. No SDLT makes that a non-issue.

Caveat: I am well aware that this announcement is one of the least important things this country needs and I wouldn't be complaining if it had not happened or if it the money was re-directed to more worthy avenues than my middle class property ownership.

My point is, what would have likely happened in a year or two, is now more likely to happen in the next 8-9 months. I imagine they will use cases like mine to justify it, which doesn't sit right.

we could probably do 20% at a stretch if we had to but id rather keep the cash for now.

We're not 30 yet so have loads of time to figure it out so the 600k doesnt scare me.

There are a few lenders out there who are doing them, but only a handful.
Depending on which lender you are with, you could port the mortgage and avoid the ERC?

yeah, will speak to them about it

£25,000

£15,000 will be the most you can save. But yes, it's something to think about certainly. You may be able to port your existing mortgage too

Definitely a good thing that someone who can afford a 700k house is getting a tax break.

It's more of a break for home owners in general but I agree it's a shit play.

Agree, but if its there, why not use it.

what about the Green homes grant that was mentioned where houseowners and landlords can get vouchers to make their homes energy efficient?
does anyone understand this?

Because you might not have a job in x months.

A way to piss money up the wall if there ever was one

It'll be more like £15k saving.

In reality though the last time they tried this the property prices just jumped up by the saving.

jumped up by the saving.

This is what I don't get.

How does this extra money get spent in reality?

Consumer confidence?

Head says stay where we are for two years and put away cash, heart says free £15k and new house beckons.

How does this extra money get spent in reality?

More houses

and the endless cycle of bullshit continues with sheds in zone 5 fetching £2.5m

does sound like the same wheel just turning
i was thinking whether i could benefit from it living in a 1930s semi - could do with a new roof in a few years time

More about housing market stimulation, and trying to keep hundreds of thousands of jobs linked to the housing market as secure as possible? (developers, estate agents, tradespeople, mortgage advisers, etc etc)
Appreciate that you might not wish good tidings to people in the above employment categories, but still, massive part of the economy.