Are home movers choosing to improve their homes rather than face stamp duty?

Is Stamp Duty putting off home movers?

You may have seen recent news articles surrounding first-time buyers overtaking home-movers in the market for the first time in over 20 years. Many experts believe this is down to the stamp duty changes. First-time buyers in England and Northern Ireland are exempt from tax duty if buying a home worth up to £300,000. However, those who are choosing to move home, maybe those moving to a family home or those who are looking to downsize, still face stamp duty charges, which could cost a substantial amount. So, there is a potential that more customers will look to adapt their homes rather than face the cost of moving house.

If you have a customer who is considering undertaking home improvements rather than face the stamp duty charges that come with moving house, get in touch. We have a whole of market panel of second charge lenders who will look to help customers who are aiming to create their dream home.

Home improvements is one of the most common reasons we get enquiries for second charge loans and with:

• Rates from 3.65%;
• Plans with no maximum LTV;
• Loans up to £500,000 (more on referral); and
• Plans for customers with a less than perfect credit history

We’re sure to be able to find something that will suit your customer in their quest for the perfect home.

If you’ve got a second charge case that you’re struggling to place, get in touch with the team. We always do our best to find the best solution possible for your customers and help our brokers place the cases that they would have otherwise discarded.