Find out how much you need with a house stamp duty calculator
Buying your first home? Or are you just looking to take another step up the property ladder? Buying a new home for yourself is one of the most exciting decisions a person can make, as well as one of the most costly! That's why using a house stamp duty calculator is the perfect solution to take hold of your finances.
Stamp Duty, or Stamp Duty Land Tax as it is properly known, is the tax on certain documents you need to purchase a house in the UK. It's long been the bane of many a potential homeowner as the cost of buying a house can skyrocket thanks to it. So what exactly are the rates?
Well, currently the rates in the UK are as follows: Up to £125,000 = Zero, Over £125,000 to £250,000 = 1%, Over £250,000 to £500,000 = 3%, Over £500,000 to £1 million = 4%, Over £1 million = 5%. If you're a first time buyer, then the rates will be slightly different for you. There is a threshold of £250,000 before which you won't have to pay any Stamp Duty if it is your first home.
So now that you know the rates, the next part is to figure out just how much you'll be spending exactly. This is easy to figure out, all you have to do is input the information into an online Stamp Duty calculator and get an instant result. You can find one such calculator online at http://www.thisismoney.co.uk/stamp-duty-homes-calculator.