1<\/p>\n Millions of home buyers will be hit with stamp duty bills from this weekCredit: Alamy<\/p>\n Previously first-time buyers<\/a> purchasing a property worth up to \u00a3425,000 did not have to pay any stamp duty.<\/p>\n If the property was more expensive, they paid tax at 5% on the portion above \u00a3425,000 and up to \u00a3625,000.<\/p>\n But changes introduced this week mean prospective homeowners now face paying up to \u00a36,250 in stamp duty on these property purchases.<\/p>\n In the Spring<\/a> Statement last week, Chancellor Rachel Reeves<\/a> did not mention extending the previous thresholds, which were set to come to an end on March 31.<\/p>\n As a result, from April 1, the threshold beyond which first-time buyers must pay stamp duty, plummeted to \u00a3300,000.<\/p>\n First-time buyers are not the only ones affected by the changes.<\/p>\n Home movers previously only paid land tax on purchases worth \u00a3250,000 or more.<\/p>\n But this threshold fell to \u00a3125,000 for owners who want to move up the ladder.<\/p>\n They will now pay stamp duty at 2% on the property\u2019s value between \u00a3125,000 and \u00a3250,000.\u00a0<\/p>\n Meanwhile, they must pay 5% stamp duty on between \u00a3250,001 and \u00a3925,000 of a home\u2019s value.\u00a0<\/p>\n Best schemes for first-time buyers<\/p>\n As a result, these homeowners now face paying \u00a35,000 in stamp duty when buying a property worth \u00a3300,000.<\/p>\n This is \u00a32,500 more than they would have paid before the new thresholds came into effect.<\/p>\n The news<\/a> is a huge blow for all first time buyers and home movers and will make it even more expensive to own your own home.<\/p>\n As a result of the changes, buyers will have to pay stamp duty on 93% of properties for sale, according to Leeds<\/a> Building Society.<\/p>\n How to get the best deal on your mortgage<\/p>\n IF you’re looking for a traditional type of mortgage, getting the best rates depends entirely on what’s available at any given time.<\/p>\n There are several ways to land the best deal.<\/p>\n Usually the\u00a0larger the deposit<\/a>\u00a0you have the lower the rate you can get.<\/p>\n If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.<\/p>\n Your LTV will go down if your outstanding mortgage is lower and\/or your home’s value is higher.<\/p>\n A change to your credit score or a better salary could also help you access better rates.<\/p>\n And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.<\/p>\n You can lock in current deals sometimes up to six months before your current deal ends.<\/p>\n Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.<\/p>\n But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.<\/p>\n To find the best deal use a\u00a0mortgage comparison tool<\/a>\u00a0to see what’s available.<\/p>\n You can also go to a mortgage broker who can compare a much larger range of deals for you.<\/p>\n Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.<\/p>\n You’ll also need to factor in fees for the mortgage, though some have no fees at all.<\/p>\n You can add the fee – sometimes more than \u00a31,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.<\/p>\n You can\u00a0use a mortgage calculator<\/a>\u00a0to see how much you could borrow.<\/p>\n Remember you’ll have to pass the lender’s strict eligibility criteria too, which will include affordability checks and looking at your credit file.<\/p>\n You may also need to provide documents such as utility bills, proof of benefits, your last three month’s payslips, passports and bank statements.<\/p>\n Previously they only paid stamp duty on 70% of houses on the market.<\/p>\n David Hollingworth, mortgage broker at L&C, said buyers who have been unable to complete their purchases before the deadline will be hard hit. <\/p>\n He said: “No one wants to give up thousands of pounds unnecessarily.<\/p>\n “Those that have hit delays that are out of their control and didn\u2019t have a contingency in place will be in a difficult position and may ultimately have to try and renegotiate the purchase price down.”<\/p>\n Here we explain how much stamp duty you will now need to pay.<\/p>\n<\/p>\n From this week first-time buyers purchasing a property worth \u00a3325,000 will be hit with a stamp duty charge of \u00a31,250 – an increase from the previous rate of \u00a30.<\/p>\n Meanwhile, those buying a property worth \u00a3425,000 will see their stamp duty bill rise to \u00a35,000 when previously they also would have paid nothing.<\/p>\n Prospective buyers looking to purchase a home valued at \u00a3500,000 will see their stamp duty rise to \u00a310,000 – \u00a36,250 more than they would have paid before.<\/p>\n Additionally, those buying a property worth \u00a3600,000 will see their stamp duty rise to \u00a320,000 – up from the previous rate of \u00a38,750.<\/p>\n<\/p>\n From this week home movers purchasing a property valued at \u00a3250,000 will be hit with a stamp duty charge of \u00a32,500 – up from the previous rate of \u00a30.<\/p>\n Those buying a property worth \u00a3500,000 will see their bill rise to \u00a315,000 – \u00a32,500 more than the previous rate.<\/p>\n Meanwhile, home buyers purchasing a property valued at \u00a3600,000 will see their stamp duty rise to \u00a320,000 \u2014 up from the previous rate of \u00a317,000.<\/p>\n How can I calculate how much stamp duty I need to pay?<\/strong><\/p>\n There are several free online calculators that can help you to figure out how much stamp duty you owe.<\/p>\n For example, the website stampdutycalculator.org.uk can help you figure out how much stamp duty you need to pay.<\/p>\n To use it, select whether you are a first time buyer, moving home or it is an additional property.<\/p>\n You can then enter the purchase price and click calculate for it to instantly tell you how much you need to pay.<\/p>\n Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk<\/a><\/strong>.<\/p>\n![\"Knight](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/knight-frank-for-sale-estate-765685278.jpg\")
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