Don’t leave it too late for buy-to-let, urges Skipton International

19 October 2020 | General

The Guernsey registered lender has urged prospective purchasers not to leave it too late if they are thinking of purchasing a UK buy-to-let property this year.

The UK government’s stamp duty holiday ends on 31 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.

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

In addition, a 2% foreign resident stamp duty land tax surcharge is due to come in on 1 April 2021, which would add an extra £10,000 tax bill to the above.

Jim Coupe (pictured), managing director of Skipton International said: “Our mortgage team has been inundated with applications for 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 – – 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.”

This post has originally been featured in Property Wire.