News

Joint owners 'benefit from Budget'

Joint owners 'benefit from Budget'

• Find out about a remortgage on your property
• Click here to use our mortgage planner

 

House buyers who are entering a joint-ownership agreement may have benefited from yesterday's budget announcement by Alistair Darling.

The chancellor stated that those taking out a joint mortgage will not have to pay stamp duty until they own 80 per cent of the equity of the property.

This may ease the financial burden of buying a house for this group of people.

However, this was the only of mention of stamp duty in the Budget, despite calls from many corners for the threshold on the tax to be raised.

It currently stands at one per cent for property purchases over £125,000.

The Home Builders' Federation (HBF) had been one body to urge the chancellor to consider the raise in stamp duty thresholds.

Following the Budget speech, HBF executive chairman Stewart Baseley said Mr Darling failed to provide help for "the vast majority of first-time buyers".

Your home may be repossessed if you do not keep up repayments on your mortgage.

The news articles on our website are produced by Adfero Ltd and do not in any way represent the thoughts and opinions of anyone associated with mdnationwide limited. They are purely here for the reader to obtain the latest news and breaking news from the world of finance.