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MONTHLY MORTGAGE PAYMENTS

We are very passionate about making sure you familys is protected against uncertainties of life and so we aim to help the people achieve a lifetime of financial security. If it is to make sure your mortgage is covered or  to keep you on top of the monthly bills, our income protection , critical illness cover and  life insurance policies give you and your family one less stress to worry about.

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HOW STAMP DUTY IS CALCULATED?

Please remember, this is only an estimate and can change depending on the lender and your circumstances. If you want a more accurate quote, we advise speaking to one of our advisers who will be more than happy to help you.

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FIRST-TIME BUYERS ARE ENTITLED TO RELIEF FOR THE FIRST £300,000 OF STAMP DUTY ON PROPERTIES UP TO A VALUE OF £500,000.

For example, if you’re buying your first property for £350,000 you would pay:

  • no Stamp Duty on the value of the property up to £300,000
  • 5% tax on the value between £300,001 and £500,000.

In this case, the total amount of Stamp Duty would be £2,500, giving an effective rate of 0.7%.

For properties priced over £500,000, no relief is available and you would pay Stamp Duty on the full purchase price.

Purchase price of property
Rate of Stamp Duty
£0 – £300,000
0%
£300,001 – £500,000
5%
£500,000+
Standard rates apply (see below)

If you’re buying your next home or buying a property valued at over £500,000 you would pay:

  • no tax on the value of the property up to £125,000
  • 2% tax on the property value between £125,001 and £250,000
  • 5% tax on the property value between £250,001 and £550,000.

In this case, the total amount of Stamp Duty would be £17,500, giving an effective tax rate of 3.2%.

These rates currently apply to England, Wales and Northern Ireland

Purchase price of property
Rate of Stamp Duty
Additional Property Rate*
£0 – £125,000
0%
3%
£125,001 – £250,000
2%
5%
£250,001 – £925,000
5%
8%
£925,001 – £1,500,000
10%
13%
Over £1.5 million
12%
15%

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Azembel Ltd is an appointed representative of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. Registered address 71-75 Shelton Street, Covent Garden, London, WC2H9JQ Registered No. 926051.