Stamp duty calculator

Stamp duty is now paid on all homes which cost more than £250,000 in England or Northern Ireland. Unless you are a first time buyer.

Stamp Duty is paid at different rates, depending on the purchase price. For example, if you aren’t a first time buyer and you bought a property for £500,000 you would pay:

• No stamp duty tax on the value of the property up to £250,000
• 5% stamp duty on the property value between £250,001 and £500,000

In this case, total liability for Stamp Duty would be £12,500.

An extra 3% stamp duty is paid on top of the standard band rates for all second homes.

If you’re a first-time buyer in England and Wales and purchase a property at up to £425,000, you’ll be exempt from paying stamp duty on the first £425,000. Instead you’ll pay 5% on the proportion of the property between £425,001 to £625,000.

If the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.

Stamp Duty is payable within 30 days of completion (when all the contracts are signed and dated and you have your keys). Solicitors will normally pay the tax on your behalf and add to their fees.

Clever Mortgages will help you throughout your property purchase and explain further about stamp duty. Get in touch now for all your mortgage enquiries.

It is possible to add Stamp Duty to your mortgage, but it’s important to note that this will incur interest over the duration of the mortgage term, and will also affect your loan to value ratio (LTV).