Kevin Peachey
Cost of living
Bbc
Paul and Kate say that the cost of buying a house is already difficult to manage
Buyers of houses rush to finish purchases by the end of the month or the paid face of the thousands of additional pounds in stamp law.
The first buyers in particular, already against the challenges of affordability, could be affected when stamp thresholds in England and Northern Ireland changed on April 1.
A couple said they felt like they were “in a race and that our price is £ 11,000”.
Lenders say that a large band of the country will be trained in paying the tax, but the government says that it helps more people buy their first house.
Currently, buyers of houses worth less than £ 250,000 do not pay stamp duties. This was doubled compared to £ 125,000 under the mini-budget of Liz Truss in September 2022.
The threshold is £ 425,000 for those who buy their first property. This was collected from £ 300,000 as part of the Mini-Budget.
These higher thresholds will end in early April, when they come back to the previous levels.
No more danger for a traitor
Paul Gorton appeared in the series of the series of cult reality TV of 2024, The Trosors.
The 37 -year -old man and his partner Kate Waldron are now faced with another episode of High Jeopardy to finish the purchase of their first house in time.
“We are on a knife, we have weeks, otherwise it will cost us a big piece without reason,” said Mr. Gorton.
They try to buy a property in Congleton, Cheshire. Ms. Waldron, 34, said that it was a particularly stressful period because she gave birth only to Bébé Cooper three months ago. They already have Charlie, two years and a dog called Buddy.
“We are doing everything at the same time. It is additional stress with this deadline that is looming on us,” she said.
I miss this deadline would cost them £ 6,500, despite having put all their money in the deposit and facing the prospect of regular invoices and nursery fees.
The fears of the deadline
Karen Potter, a real estate agent in Southport, has around 37 customers in the danger area to miss the deadline.
“In a stressful arena anyway, we have this panic where there is another source of tension and stress for them,” she said.
Property Portal Rightmove estimated that in England, some 25,000 buyers for the first time and 74,000 home movers, in the purchasing process, could not finish in time to beat the deadline.
The mortgage brokers said the buyers withdrew from transactions because they could not move before the end of March.
The proportion of zones in England in which the average buyer house falls within the framework of stamp law will drop from 8.4% to 32% on April 1, according to the analysis of skipton group, which includes a construction company and a real estate agency.
Jonah and she hope to make a purchase in a few days
The stamp law has always been a more common problem for buyers in the south-eastern England, where the prices of the accommodation are higher. Some will face higher stamp law invoices due to changing thresholds.
Jonah Kavanagh and she van Petersen hope to buy their first house together in Guildford. They, and their sellers, withdraw all stops to complete the move in time.
Do not do so would cost them £ 11,000 more in buffer.
“It looks like we are in a race, and our price is £ 11,000,” said Kavanagh, 29, who was one of those who contacted the question via your voice, your BBC news because he was worried about the others in a similar situation.
Van Petersen said that there was a lot of “uncertainty, anxiety and nervousness” now in addition to the shock that came when no extension of stamp duty was announced in the budget.
The government previously declared that the budget was a necessary set to fill out what it called a black hole in public finances, and other modifications released properties for new buyers.
“We are committed to making the property of the house possible for the British workers, which is why we are installing the planning system and building 1.5 million additional houses,” said a treasury spokesperson.
For Mr. Kavanagh and Ms. Van Petersen, the impact, if they lacked the deadline, it would be less money and reasonable savings to cover subsistence costs, furniture and unexpected costs.
Ways to make your mortgage more affordable
Take too long. If you still have a little time on a low fixed rate transaction, you may be able to pay more now to save later. Move a mortgage of interest only. It can keep your payments that are affordable although you will not reimburse the debt accumulated when purchasing your home. Extend the lifespan of your mortgage. The typical mortgage term is 25 years, but 30 and even 40 -year deadlines are now available.
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