Half of BTL lenders can’t make stamp duty deadline
Over half of buy-to-let lenders currently active in the market are unable to get a deal done before the stamp duty deadline at the end of March.
That is according to buy-to-let broker Mortgages for Business, which warned that only 47% of the buy-to-let lenders who are actively lending at the moment could still make the deadline.
Jeni Browne, director of Mortgages for Business said: “Typically, a landlord would want about 100 days to complete a purchase.
“Clearly, landlords don’t have that sort of time on their hands anymore and I’d urge them to do everything they can to push through a new buy-to-let purchase before the stamp duty holiday ends.
“Top of their priority list should be picking the right lender. If landlords go to the wrong one, their transaction is bound to take too long.
“That could leave them either out of pocket or, in certain circumstances, unable to continue with the purchase, if they don’t have the funds to pay stamp duty as well as the buy-to-let surcharge.”
The broker went on to say that even the lenders still capable of doing deals in a quick timeframe may well struggle to hit the deadline if solicitors or local authorities drag their feet.
Last July, Rishi Sunak raised the initial stamp duty threshold from £125,000 to £500,000. This holiday period is due to finish on 31st of March.