Stamp duty is one of those costs that are not particularly hidden, but you often push to the back of your mind when it comes to acquiring a property.

As a first-time buyer, you won’t want to be spending any more than you have to on ‘fees’ when it comes to actually purchasing your property. Instead, you’ll want to be saving as much of your budget as possible to help decorate your new property and turn it into your dream home.

So, how much stamp duty should you be paying as first-time buyer?

If you are a first-time buyer buying a property for less than £300,000 you shouldn’t pay any stamp duty.

First time buyers purchasing properties between £300,000 to £500,000 will also see a reduction in the amount of SDLT they pay, paying SDLT at 5% on the amount of the purchase price in excess of £300,000.

Check out this easy to digest stamp duty graph on the Compare Conveyancing Quotes website to understand how much you should be paying as a first time buyer.

Discover more articles

6 commandments of interior design As a freelancer I get to enjoy the comfort of my home more than those who have a 9-to-5 job. Consequently, it’s given me the opportunity to play around with interior décor. However, it wasn’t without mistakes and interior des...
The small investment that makes your home renovati... When we have already been decided what kind of renovation for our homes we are looking for, we must have an accurate knowledge of everything that will be done, the cost that it will have and the time it will last, as well as ...
Creating extra space using your loft A loft conversion can be the perfect way to transform your home; whether you are looking to create another bedroom, bathroom or home office, a good loft conversion can add between 10 and 20 percent to the value of your home. ...
Safety tips for your home business A home business is a low-cost investment option for individuals who are looking to start a career as an entrepreneur. Yes, it can be really fun and exciting especially if you look at the potential rewards that can benefit you...

Pin It on Pinterest

Share This