As per themortgage advisor Essex, a tax known as the Stamp Duty Land Tax (SDLT) is levied on any real estate transaction that occurs in England or Northern Ireland and exceeds a certain price threshold. A new stamp duty schedule was implemented on September 23, 2022, and it was effective immediately. These regulations, which are reflected in thebuy to let stamp duty calculator, are that the stamp duty is waived on the first 250,000 of a propertys value. Stamp duty is waived for the first 625k (425,000) of a propertys purchase price for first-time buyers.

Stamp Duty On First-Time Buyers

According to a renownedmortgage advisor Essex, first-time purchasers in England and Northern Ireland pay no stamp duty on the first 425,000 of a purchase price and only 5% on the remaining amount, up to a maximum of 625,000. There are no stamp duty exemptions for investment properties or homes worth more than 625,000. You meet the requirements if either you or the person you plan to buy with is a first-time homeowner. First-time buyers can consult the buyers handbook for information on stamp duty. When calculating the total stamp duty owed, thebuy-to-let stamp duty calculatorwill take into account the fact that you are a first-time buyer.

Source:

https://wedo-mortgages.jigsy.com/entries/general/additional-resources-for-the-stamp-duty-calculator