Could anyone explain the complicated scenario of stamp duty to me please? We're in the fortunate position of being able to afford a house in the bracket of up to £160,000. I understand that stamp duty is 2% of the difference between the price of the property and £125,000 and have used the stamp duty calculator...
However, I own a house and do not intend to sell it, my boyfriend on the other hand is a first time buyer and the primary purchaser on the mortgage as his earnings are substantially higher than mine. If I own a home, are we both going to have to pay the penalty of the higher stamp duty rate, due to owning two homes... or because he's a first time buyer and it's the first house we'll own together, are we exempt?
Any help would be greatly appreciated, getting stressed out that we may have to pay a small fortune out!! Xxx
Thank you all for your help, Blossom you're right it is on the property and they don't look at the buyers. We are looking at the £5k mark and so it's a good job I have a slight contingency plan! Thanks again everyone xx