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Frequently asked questions


When you buy your property you will pay Stamp Duty Land Tax (SDLT) if your property is valued at £125,000 or more. How much tax you pay depends on whether it is residential, a buy-to-let or second home.

From April 2016 stamp duty for new buy-to-let properties has increased by 3% on the whole purchase value which also applies to people buying a second home. The following table shows how stamp duty is applied in England and Wales:
Property value Standard rate Buy-to-let rate
Up to £125,000 0% 3%
£125,000 - £250,000 2% 5%
£250,000 - £925,000 5% 8%
£925,000 - £1.5m 10% 13%
over £1.5m 12% 15%
Stamp duty is paid on the proportions in the above bands. For residential properties up to £125,000 the SDLT is zero but landlords and second homes must pay an additional 3% or £3,750 on this portion.

For a property valued at £300,000 homeowners would pay £5,000 in SDLT whereas a landlord or second home buyer will pay £14,000.

From completion of the property purchase you will have 30 days to pay the stamp duty although your solicitor will usually collect stamp duty tax from you at completion and pay this on your behalf. Always remember it is legally your responsibility to pay the tax so you need to ensure you have paid the correct amount.
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IMPORTANT

Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. London City Mortgages do not charge any upfront fees. A fixed fee is only charged upon completion of an Equity Release.

WARNING

Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.

CONTACT

Address:
Bury House, 31 Bury Street,
London, EC3A 5AR

Phone:
020 8801 5856

Email:
info@londoncitymortgages.co.uk

London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.

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