Don’t leave it too late for buy-to-let, urges Skipton International
19 OCTOBER 2020 PROPERTY NEWS, UK
BY RYAN BEMBRIDGE
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.”