Skipton International is urging anyone thinking of purchasing a buy-to-let property this year to act now to avoid missing out on the stamp duty holiday saving.
The Guernsey registered lender points out that prospective purchasers will need to get the ball rolling very soon if they are to take advantage of the holiday, which ends on 31 March 2021.
Savings of up to £15,000 could be made if buying a property worth £500,000. In addition, a 2% foreign resident stamp duty land tax surcharge is due to come in on 1 April 2021, which would add an extra £10,000 tax bill to the above.
Jim Coupe, managing director of Skipton International said: “Our mortgage team has been inundated with applications for UK buy-to-let purchases over the last few months.
“The low interest rates combined with the Stamp Duty holiday in England has seen a sharp increase in those looking to invest in good quality property for letting purposes.
“Skipton International offers a range of competitive buy-to-let mortgages to British expatriates and foreign nationals, and we’d be pleased to assist – – but soon.
“The localised UK covid lockdowns have resulted in a few delays with surveyors and valuers being able to visit properties, so we really do advise those contemplating a purchase to get in touch.”