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.