Today we started on the journey of buying our first house through the 'help to buy' scheme.
We found a house we love, we have a deposit, we can afford the monthly payments comfortably and just need to get the fee's for solicitors confirmed.
We were informed that the stamp duty would be 1% which now makes the house unaffordable now, we would need to save another £1700 (on top of renting).
I know from reading these forums that people will say if you can't afford to raise the stamp duty then you shouldn't be buying which we strongly believe is NOT the case.
All we wanted to know really (in simple persons language)
1. What is stamp duty?
2. Why do we pay stamp duty?
Many many thanks in advance!
We found a house we love, we have a deposit, we can afford the monthly payments comfortably and just need to get the fee's for solicitors confirmed.
We were informed that the stamp duty would be 1% which now makes the house unaffordable now, we would need to save another £1700 (on top of renting).
I know from reading these forums that people will say if you can't afford to raise the stamp duty then you shouldn't be buying which we strongly believe is NOT the case.
All we wanted to know really (in simple persons language)
1. What is stamp duty?
2. Why do we pay stamp duty?
Many many thanks in advance!