First Time Buyer Stamp Duty Calculator
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First Time Buyer Stamp Duty Calculator
As a First Time Buyer the entire process of getting a mortgage can be quite intimidating and scary, especially if you’ve never bought a home before and have no idea how the whole thing works.
Stamp duty Changes 2025
Check out our blog on the upcoming stamp duty changes in April 2025
First-Time Buyers:
- The tax-free threshold decreases from £425,000 to £300,000.
- Properties priced between £300,001 and £500,000 will incur a 5% SDLT on the amount over £300,000.
- Purchases above £500,000 will not qualify for first-time buyer relief and will be subject to standard rates.
Home Movers:
- The 0% threshold reduces from £250,000 to £125,000.
- A new 2% rate applies to the portion between £125,001 and £250,000.
Example: Purchasing a £350,000 property:
- Before 1 April 2025: £5,000 SDLT payable.
- After 1 April 2025: £7,500 SDLT payable.
Additional Property Purchases:
- Higher rates will apply, with increased percentages across all bands.
Example: Purchasing a £350,000 additional property:
- Before 1 April 2025: £22,500 SDLT payable.
- After 1 April 2025: £25,000 SDLT payable.
Stamp duty calculator for first time buyers
Our stamp duty calculator can help give you an indication of stamp duty costs, mortgage borrowing and mortgage repayments. These are used as a guide but free and easy to use with no credit checks involved. Please speak to a Qualified Adviser for Advice & Recommendation.
What is Stamp Duty?
Stamp Duty Land Tax (SDLT) is a tax you may need to pay when purchasing property in England and Northern Ireland. As a first-time buyer, you may be eligible for relief, meaning you’ll pay less or no stamp duty on properties under a certain value.
How Our STAMP DUTY Calculator Helps:
- Instant Results: Get immediate calculations based on your property price.
- First-Time Buyer Relief: Automatically apply the first-time buyer relief to see how much you could save.
- Up-to-Date Rates: Reflecting the latest government rates and thresholds for stamp duty.
Start Calculating Now!
Enter your property value below to see how much stamp duty you’ll need to pay.
Stamp Duty
£0You could borrow*
£0Capital & Interest
£0Interest Only
£0First Time Buyer Stamp Duty Calculator: Saving for Your First Home
Saving for a deposit can be challenging, especially with rising house prices, inflation, and mortgage rates. Some lenders may require larger deposits, making it tough to save enough in a short time. According to the Office for National Statistics, the average UK house price was £277,000 in February 2022, £27,000 higher than the previous year. In addition to the deposit, remember to budget for other costs like conveyancing, legal fees, insurance, and moving expenses.
How Much Should You Save?
The minimum deposit for a first home is typically 5% of the property’s value, though this may limit your mortgage options. A 10% deposit offers more flexibility, while a 25% deposit can secure you the most competitive mortgage rates. A larger deposit reduces the lender’s risk, often resulting in better terms for you.
Getting Started with Savings and Schemes
To begin, set a realistic savings goal with a clear timeframe. Break down the total amount into manageable monthly savings. Research house prices in your desired area and use online mortgage calculators to estimate your savings needs. Consider government schemes like Help to Buy and Shared Ownership, which can assist with deposit requirements. Additionally, a Lifetime ISA (LISA) offers a 25% government bonus for first-time buyers under 40, helping you reach your deposit goal faster. For example, saving £1,000 in a LISA could result in a total of £1,250 by the end of the tax year.
