Bridging Loans to Beat the Stamp Duty Increase………..
The date for stamp duty increase is looming ever closer and this poses a further strain to the finances of many landlords & property owners. The increase will be a rise of 3%, a substantial amount and additional pressure on what can be an already strained cashflow.
As of April 1st 2016 the additional 3 percent increase in stamp duty will be imposed on any property purchased as a buy-to-let or as a second home. This additional charge will have to be paid on any property by all who purchase whether it be for a buy-to-let or for a second home.
Some landlords are taking action and fast tracking their purchases before the end of the month. This option will ensure they do not have to pay the additional cost, but of course poses the further issue of getting the funding in place for this quickly to enable the purchase to take place before the deadline.
Taking a short term Bridging Loan is a way of getting the funding needed in place in time to make the purchase and avoid the burden of additional costs.
A finance broker wanted to get assistance for one of his clients so that he could avoid unnecessary costs. He introduced his client – a professional landlord – who had set up a limited company to purchase a few of his houses to mitigate the stamp duty, after obtaining advice from his tax consultant. This case was turned around quickly by the Bridging team – meeting the expectations of both the client and the broker and beating the statutory deadline.
If you would like a fast, flexible Bridging Loan putting in place before the stamp duty increase, contact Ashley Bridging Finance today:
Kay Williams 0161 233 6374 firstname.lastname@example.org