we’re here to help you beat the stamp duty deadline
If you’re rushing to get property deals over the line before the stamp duty holiday ends on 31 March, MT Finance could help.
According to Rightmove, thousands of new buyers are unlikely to complete before the 31st March deadline and there are now a whopping 613,000 homes sold subject to contract still awaiting legal completion.
The online property portal believes around 100,000 buyers could end up being lumped with an unexpected stamp duty bill because their sale is yet to complete.
Furthermore, there are many buyers still attempting to buy property with hopes of securing a stamp duty holiday discount.
However, with banks, solicitors, and surveyors all struggling to cope with demand and with many employees still working from home, there are now significant delays in the house buying process. Meaning thousands of people could potentially miss out on securing cheap property as well as stamp duty savings.
One of the main benefits of a bridging loan is the speed at which funds can be delivered. Given the current backlogs in the mortgage market, mortgage processing times are taking longer. However, a bridging finance company is often able to release funds within 2-3 weeks, potentially offering a lifeline to buyers who need to act quickly or are at risk of seeing their property chain collapse.
As an example, we recently helped a client who needed £300,000 to complete the purchase of an investment property. He was part of a property chain but there was slow progress and delays ran throughout, leaving the chain at risk of collapse.
We stepped in and fixed the chain by providing a £300,000 bridging loan over a 12-month term. The client was able to purchase his investment property in just under three weeks, benefiting from the stamp duty relief.
What is more, the 12-month term will give the client plenty of time to secure a buy-to-let mortgage at a lower rate and if he chooses to pay back our bridging loan early, he can do so without incurring any early exit or repayment penalties.
Rest assured, MT Finance stands by our word- if we say we can complete on an application before your deadline, we will complete before that deadline.
We have ensured our solicitors are committed to carry on working to our deadlines and we have even added further surveyors to our panel to ensure that we can continue to cover the entirety of England and Wales.
We are here to support you and ensure your property purchase completes with speed and minimum fuss. Please get in touch to find out how MT Finance can provide you with a faster solution to your funding requirements on 0203 051 2331 or fill in our contact form, and someone will be in touch with you shortly.