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.”