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𝗔𝗳𝗳𝗼𝗿𝗱𝗮𝗯𝗶𝗹𝗶𝘁𝘆
- 𝘾𝙤𝙪𝙣𝙘𝙞𝙡 𝙏𝙖𝙭 – Charges are currently based on values from 30+ years ago. This could change to being based on current property value which in turn may affect your affordability.
- 𝙄𝙣𝙘𝙤𝙢𝙚 𝙏𝙖𝙭 – Higher rates may be introduced which would impact your take home pay.
𝗕𝘂𝘆 𝘁𝗼 𝗟𝗲𝘁𝘀
- 𝙉𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝙄𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚 – This could become charged on rental income so is something to consider if expanding your BTL portfolio. It would most likely affect you if you were earning over £50,000 in rental income.
- 𝙄𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙍𝙖𝙩𝙚𝙨 – It is predicted the Bank of England will continue to reduce the interest rate further, meaning lenders should also reduce the rates they offer.
𝗗𝗲𝗽𝗼𝘀𝗶𝘁
- 𝙄𝙣𝙝𝙚𝙧𝙞𝙩𝙖𝙣𝙘𝙚 𝙩𝙖𝙭 𝙤𝙣 𝙜𝙞𝙛𝙩𝙨 – Currently a gift is not liable for inheritance tax providing the donor does not die within 7 years of gifting. This may be increased to 10 years. A limit may also be introduced on how much can be gifted tax free.
- 𝙄𝙎𝘼𝙨 – The current allowance of £20,000 may be cut.
𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗧𝗮𝘅
- 𝙎𝙩𝙖𝙢𝙥 𝘿𝙪𝙩𝙮 – Could be removed for anyone buying a main residence. Instead an annual property tax may be introduced for properties worth over £500,000. This would result in an ongoing annual fee as opposed to a one off payment.
- 𝘾𝙖𝙥𝙞𝙩𝙖𝙡 𝙂𝙖𝙞𝙣𝙨 𝙏𝙖𝙭 – This may be introduced to the sale of your main residence however is likely to be for properties worth over £1,500,000.
It is important to keep up to date with details that could impact you as a homebuyer. To discuss further, get in touch today
☎️ 01202 692222
📧 [email protected]
Your home may be repossessed if you do not keep up repayments on your mortgage.
