Tag Archives: Stamp Duty

October is the last chance to use Help to Buy and stamp duty cut together

October is the last month where first time buyers can take advantage of both Help to Buy and a stamp duty cut, which together give purchasers substantial savings when buying their first home at The Gladstone.

The Government’s Help to Buy scheme has been designed to offer first time buyers in London a 40% equity loan to help them buy a new build home up to the value of £600,000, which is interest free for five years. This allows purchasers to put down a much smaller deposit of 5%.

Whilst The Chancellor’s ‘mini budget’ on 23rd September 2022 announced that first time buyers would no longer need to pay stamp duty (SDLT) for a property priced under £425,000, and pay a reduced rate of 5% on the portion between £425,001 and £625,000.

Communal Rear Terrace Image featuring private balconies
Our latest development at The Gladstone, London NW2

At a time when the general cost of living has risen, it couldn’t be a better opportunity to benefit from both initiatives whilst you can, where the savings could be redistributed for property essentials such as mortgage repayments or new furniture.

However, there isn’t much time to take advantage of the Government’s support as the deadline for applying for Help to Buy is October 31st  2022. Anybody planning on using the scheme needs to have reserved a new build home and applied for the scheme by 6pm that day. This is to allow enough time for the sales transaction to go through by March 2023 which is when Help to Buy officially finishes. The stamp duty cut though is permanent for the foreseeable future.

What can first time buyers purchase at The Gladstone?

At the end of August, Unique Property Group launched ten one-to-three-bedroom apartments at The Gladstone, followed by another eight due to unprecedented demand. Half of the reserved homes so far have been to Help to Buy buyers. Most of our properties can be bought via this scheme until 31st October 2022.

Four of our homes are now stamp duty free, whilst a further seven can be bought with a SDLT levy of under £1,000. This is a substantial difference to what first time buyers had to pay before the ‘mini budget’ last month, where the 0% threshold was only £300,000.

Kitchen Image of the Show Home at Uniquely Cricklewood
The 1 / 2-bed show home at The Gladstone

To help you work out the financials for a new home at The Gladstone, we have put together a breakdown on some of our apartmens your know how Help to Buy and Stamp Duty can work together

3 Oak House / 3 Glynne House

1 bed 1 bath apartment

Price: £415,000

Deposit: 5% (£20,750)

40% Help to Buy equity loan amount: £166,000

Mortgage requirement: £228,250

SDLT: 0% (£0)

8 Oak House / 3 Glynne House

1 bed 1 bath apartment

Price: £420,000

Deposit: 5% (£21,000)

40% Help to Buy equity loan amount: £168,000

Mortgage requirement: £231,000

SDLT: 0% (£0)

17 Glynne House

1 bed 1 bath apartment

Price: £440,000

Deposit: 5% (£22,000)

40% Help to Buy equity loan amount: £176,000

Mortgage requirement: £261,800

SDLT: 5% (£750)

20 Oak House

1 bed 1 bath apartment

Price: £455,000

Deposit: 5% (£22,750)

40% Help to Buy equity loan amount: £182,000

Mortgage requirement: £270,725

SDLT: 5% (£1,500)