Use stamp duty axe to cut mortgage: Buyers using money they earmarked for tax to put down a bigger deposit
First-time buyers are cashing in on stamp duty cuts by slashing hundreds of pounds off their mortgage bills.
Mortgage brokers say they have received a flood of calls since the Chancellor axed the duty for first-time buyers on homes worth up to £300,000 in last week’s Budget.
Those purchasing homes worth up to £500,000 will pay the tax on only the first £300,000.
Many are choosing to use the money they had earmarked to pay this tax bill to put down a bigger deposit on their new home.
By doing this, some can save more than £1,300 a year by getting a better mortgage rate.
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