First-time buyer mortgage advice may be set for surge in popularity

24-Mar-2010

A significant number of people looking to get on to the property ladder could be seeking first-time buyer mortgage advice after this afternoon's (March 24th) Budget.

It is speculated that Alastair Darling is set to increase the stamp duty threshold to £250,000.

This could make the prospect of finding a home more affordable for thousands of first-time buyers.

The Council for Mortgage Lenders (CML) reveals that, had the threshold been in place in 2009, some 92 per cent of first-time buyers would have been exempt from paying stamp duty.

If the chancellor introduces the £250,000 barrier, the CML predicts 350,000 home buyers will benefit by not paying stamp duty through the rest of this year alone.

Many of these may have otherwise found getting on the first rung of the property ladder impossible.

The government ran a stamp duty holiday last year, with properties priced between £125,000 and £175,000 exempt from the tax.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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