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Home Business Property

Contemplating a UK buy-to-let property? Don’t leave it too late

October 14, 2020
in Business, Financial Services, Property
Contemplating a UK buy-to-let property? Don’t leave it too late
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The UK government’s stamp duty holiday ends on 31st March 2021, so anyone considering the purchase of a buy-to-let property will need to start the ball rolling soon if they are to take advantage of the opportunity.

Purchasers could generate as much as a £15,000 saving on a property purchased at £500,000.

In addition, 2% foreign resident Stamp Duty Land Tax surcharge is due to come into effect on 1st April 2021 – this applies to Channel Island residents. This would add an extra £10,000 tax bill to the above.

Jim Coupe, Managing Director of Skipton International said: “Our mortgage team has been inundated with applications for Guernsey, Jersey and UK buy-to-let purchases over the last few months.  The low interest rates combined with the Stamp Duty holiday in England has seen a sharp increase in those looking to invest in good quality property for letting purposes.

“Skipton International offers a range of competitive buy-to-let mortgages to British expatriates and foreign nationals, and we’d be pleased to assist Channel Island residents too – but soon. The localised UK Covid lockdowns have resulted in a few delays with surveyors and valuers being able to visit properties, so we really do advise those contemplating a purchase to get in touch.”

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Reece Mackie

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