How Much Are The New Charges?
If you’re buying a second home that is under the new threshold of £40,000 then the rules will not apply, but let’s face it, that’s not very likely is it? Listed below are all of the bands for you to work out how much you will pay:
|Bands||Standard Rate||NEW 2nd home/buy to let rate|
|Up to £125,000||0%||3%|
|£125,001 - £250,000||2%||5%|
|£250,001 - £925,000||5%||8%|
|£925,001 - £1.5m||10%||13%|
Existing Home Owners
- As long as you complete before April 1st then these new changes will not apply to you.
- If contracts were exchanged before the announcement on November 25th 2015 but your completion date will not be until after the rule change, this will not apply as you entered into a contract unaware of the new charges.
- Owners of a second home/buy to let who have sold their main home will have 36 months to buy a new one before the extra charges apply.
This is just an overview so If you have any other queries or concerns regarding this matter then please feel free to give our team a call on 0333 666 7699.