Duty on second properties

Buyers of additional residential properties, such as second homes and buy-to-let properties, will have to pay an extra 5% in duty on top of current rates for properties up to £250,000 with increasing rates after. If you buy a new main residence but there’s a delay in selling your previous main residence, you’ll have to pay the higher Stamp Duty rates as you’ll now own two properties.

You can request a refund for the amount above the normal Stamp Duty rates in some circumstances. Please refer here.

Relief for first time buyers

If you’re a first-time-buyer in England or Northern Ireland, you will pay no Stamp Duty on properties worth up to £425,000. This means if you are a first-time-buyer, please note this will reduce to £300,000 from 1st April 2025.

Joint ownership and stamp duty relief

If you’re married and jointly buying a property, then you both need to be eligible first-time buyers to get First Time Buyers Stamp Duty relief. Unmarried people can still get a reduction in Stamp Duty, if the only person named on the mortgage deed is a first-time buyer.

There are a couple of things you need to be aware of:

• If the mortgage application is only in one name, it will be based on that person’s income alone, which might impact how much your lender is prepared to lend you
• You need to think about what would happen if you split up. If the property is in both names, you will both have a claim. If the property is only in one name, then it’s possible you or your partner could be left with nothing legally.