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Mortgage solution to reduce stamp duty

Article by Romit Patel Associate Director

What was the situation?

We were introduced to an unmarried couple who were looking to purchase a home. Client A currently owned a buy to let property and Client B was a first-time buyer. They were looking to buy their first home together but avoid the additional property stamp duty liability.

What was the issue?

Though Client B was a first-time buyer, when purchasing the property in conjunction with Client A, who already owned a property, it no longer made Client B eligible for a standard stamp duty amount. Now they had to pay the additional stamp duty rate, they no longer had enough money to put towards a deposit.

What was the process?

Taking all these facts into considerations, we approached a lender who we had a long standing and strong relationship with and explained their scenario.

What was the solution?

Based on our existing relationship with the lender, we were able to secure their preferred rate and amount of loan whilst saving on stamp duty. The couple were over the moon and they were able to buy their dream home.

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