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  • Write You - Stamp Duty Burden Means Bigger Mortgages

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    ssociated 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 mortg

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    A growing number of homebuyers have to take out larger mortgages in order to meet the cost of expensive stamp duty bills as a result of soaring house prices, according to a new study.

    The research by mform shows that more than one in four borrowers are increasing their mortgage by around 3,770 to cover the burden of stamp duty, which is charged on properties worth at least 125,000.

    Around two-thirds of people who purchased a property in the last three years paid stamp duty, including many first-time buyers, the report stated.

    Chief executive Eamonn Rice said: "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 mortga

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    house prices, according to a new study.

    The research by mform shows that more than one in four borrowers are increasing their mortgage by around 3,770 to cover the burden of stamp duty, which is charged on properties worth at least 125,000.

    Around two-thirds of people who purchased a property in the last three years paid stamp duty, including many first-time buyers, the report stated.

    Chief executive Eamonn Rice said: "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 mortg

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    around 3,770 to cover the burden of stamp duty, which is charged on properties worth at least 125,000.

    Around two-thirds of people who purchased a property in the last three years paid stamp duty, including many first-time buyers, the report stated.

    Chief executive Eamonn Rice said: "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 mortg

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    in the last three years paid stamp duty, including many first-time buyers, the report stated.

    Chief executive Eamonn Rice said: "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 mortg

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    ssociated 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."

    According to Pierre Williams, communications chief at Inside Track, first-time buyers in London are being forced to take out bigger mortgages as stamp duty rises to about 7,700.

    The mortgage lending sector at the start of 2007 is in robust shape, the Council of Mortgage Lenders (CML) has confirmed.

    According to the CML, gross lending hit record January high of 26.8 billion and although this was down by six per cent on the 28.5 billion in December, it is up by 16 per cent on the previous January figure of 23 billi

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