In England, first-time buyers currently pay 0% Stamp Duty on the first £300,000 of a property purchase, provided the total price does not exceed £500,000. The 5% rate only applies to the portion of the purchase price between £300,001 and £500,000.
There is no legal way to avoid Stamp Duty if it is due. The only way to avoid paying the 5% band is to purchase at £300,000 or below, or to buy in a way that qualifies for relief, such as an eligible Shared Ownership structure. If the property price exceeds £500,000, first-time buyer relief does not apply and standard Stamp Duty rates are charged on the full purchase price.
Stamp Duty systems in Scotland and Wales operate under different rules, so thresholds vary depending on location.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
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