Will Parents Helping Their Children Buy a House Have to Pay 3% Extra Stamp Duty?

Will I have to pay 3% Extra Stamp Duty for helping my family member buy his/her first residential property? This is a very important question lingering in the mind of many buy-to-let property investors. If you are becoming a joint borrower on mortgage to help your family member get decent mortgage rate by getting named jointly on title deeds then you or your parents may have to pay that 3% Extra Stamp Duty.

As for the reason, they are buying second residential investmentproperty for sale in the UK as they already own a house. A lot of money lenders are no longer providing guarantor mortgage. This is why now parents are left with no choice but to take out joint mortgage to help their children buy residential property at house auctions in UK.

In such a situation, Financial Institutions of Lending firms also ask parents to include their names in the title deeds. Since parents already own a residential property, this will be considered their second purchase by banks or lenders. In that situation, your parents may to pay extra Stamp Duty on helping their children buy a house. The Buy2let Shop reviews Joint Mortgage as the biggest reason of it.

Do you want to know in this regard in detail? Do you have any other question in mind about Stamp Duty Hike on buying property in UK? Call The Buy2let Shop right now and attend our property seminars where our team will educate you in this regard to perfection.