Contractor Mortgages – clock ticking for tax break.
Time is fast running out for Contractors who may be hoping to take advantage of a key tax saving opportunity.
The suspension of stamp duty land tax offers first time buyers, purchasing their first home, relief from this brutal tax on a house value of up to a value of £250,000. This saving of up to £2,500 comes at what, after all, can be a very expensive time for any would be home owner.
This temporary government strategy, which was introduced to reignite the housing market from the bottom up, sadly comes to an end on the 24th March 2012 and our advisers have been busy fielding calls from Freelancers who are currently renting but who are interested to know what options they have in the Contractor Mortgages market.
Only 10% deposit needed
In particular, as by far the largest Contractor Mortgages specialist, we have personally negotiated access to schemes that only require a 10% deposit and that are available to Freelancers who may even be in the very first week of their first contract. Indeed it could even be argued that the benefit of waiting to save a bigger deposit to secure the best possible interest rate could be far outweighed by the rent paid into your landlord’s pockets and stamp duty needlessly paid to George Osborne, whilst you delay your purchase.
January has brought the usual influx of new properties onto the market and now could therefore be the perfect time to take that all important first step onto the property ladder and buy your own home.
The good news is that it’s not too late for first time buyers to benefit from the initiative. Our contract based mortgage underwriting and strong lender relationships means you can be confident we can get your application approved first time, and without delay, helping you into your new home before the March deadline. This could potentially save you thousands of pounds and we don’t charge the mortgage broker fees that you will often be charged elsewhere, saving at least £500.
Speak to one of our specialist mortgages advisors today on 0845 062 8888 or complete our contact form to find out more.
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