causing homeowners to increase their mortgage
Figures have stated that 25 per cent
of homeowners have no choice but to increase their mortgage
by a standard £3,760 to reassure the stamp duty.
Mform.co.uk found out that 66.6 per
cent of homeowners
over the three years just past had to pay tax, this is due to
houses increasing price wise.
Chief executive of mform.co.uk, Eamonn
Rice stated: "Stamp duty can be a nasty surprise for homebuyers
and with the average house now costing upwards of £170,000
it is difficult for people to escape.
"On the average house
the stamp duty bill will be at least £1,700 to £2,000
but for more expensive homes the bill rises steeply.
He also stated: "With all the
other costs associated with homebuying it is no surprise that
people are using their mortgage to help pay their stamp duty bill.
However putting the cost on your mortgage means you will be paying
for stamp duty for a long time and the interest will mount up."
Houses, which are over £125,000,
are levied at 1 per cent of stamp duty fees and this is increasing
to a staggering 3 per cent at £250,000 and when a property
is over the value of £500,000 then a 4 per cent stamp duty
must be taken into consideration.
Figures have been totalled and
have said that borrowers have added an extra £10,000 to
their mortgage deal just because of the stamp duty fee.
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