Santander notes stamp duty break for mortgages is ending

Date:Friday 4th September 2009
Author: Max Freedman

Santander has reminded people that the stamp duty holiday is over when we reach the end of this year.

Nici Audhlam-Gardiner, director of Abbey mortgages, which part of the Santander Group, stated that it had been like a vacation as stamp duty was only applied to houses with a value over £175,000, but that this would be changing soon.

She advised people to act fast if they are thinking of applying for a mortgage deal, as they could make a saving of up to £1,750.

"With the holiday coming to an end, anyone looking to buy a property worth more than £125,000 faces a sizeable tax bill if they fail to complete before 31 December," she said.

Ms Audhlam-Gardiner concluded that moving fast to take advantage of the savings might be a good move for first-time buyers, as it is likely that the ongoing effects of the global economic slowdown will have impacted on their finances.

A representative from London & Country Mortgages recommended making a decision soon if you are thinking of trying to beat the stamp duty deadline, as it can take months to complete a deal.