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Important things to think about: Stamp Duty

Please note: LBTT rates in Scotland are different to the SDLT rates in England and Northern Ireland. From April 2018 Land Transaction Tax (LTT) has replaced SDLT in Wales. LTT rates are different to SDLT and LBTT rates.

England and Northern Ireland

Band Normal rate Additional property
Less than £125k 0% 3%
£125k to £250k 2% 5%
£250k to £925k 5% 8%
£925k t0 £1.5m 10% 13%
Rest over £1.5m 12% 15%

For a single property purchase, no tax will be paid on the first £145,000. Between £145,000 and £250,000 buyers will pay 2% within this band, 5% on the portion between £250,000 and £325,000, 10% within the next band up to £750,000 and 12% over that.

Scotland

Band Normal rate Additional property
Less than £145k 0% 3%
£145k to £250k 2% 5%
£250k to £325k 5% 8%
£325k t0 £750k 10% 13%
Rest over £750k 12% 15%

For a single property purchase, no SDLT will be paid on the first £125,000. Between £125,000 and £250,000 buyers will pay 2% within this band, 5% on the portion between £250,000 and £925,000, 10% within the next band up to £1.5 million and 12% over that.

Wales

Band Normal rate Additional property
Less than £180k 0% 3%
£180k to £250k 3.5% 6.5%
£250k to £400k 5% 8%
£400k t0 £750k 7.5% 10.5%
£750k to £1.5m 12% 15%
Rest over £1.5m 12% 15%

For a normal purchase LTT is exempt on the first £180,000. Between £180,000 and £250,000 buyers will pay 3.5% within this band, 5% on the portion between £250,000 and £400,000, 7.5% on the portion between £400,000 and £750,000, 10% within the next band up to £1.5 million and 12% over that. For additional property, such as buy to let or second homes, there will be a 3% surcharge applied to all bands.

Information taken from gov.co.uk

Correct as of 20/11/18

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

*Some forms of Buy to Let Mortgages are not regulated by the Financial Conduct Authority’