AMI Supports Stamp Duty Threshold Increase to Make Loans More Obtainable
The Association of Mortgage Intermediaries that represents the community of mortgage intermediaries worldwide has supported the plans to increase the stamp duty threshold in the UK to £250,000. AMI calls for a fundamental review of the tax.
Robert Sinclair, the Director of the Associates believes that current stamp duty regime has a negative effect on the market and makes it difficult for first-time buyers to purchase property. Currently the owners of the houses that cost less than £175,000 do not have to pay the tax. The threshold was raised from £125,000 to increase the number of sales in 2009.
AMI representatives say that if the Government decides to execute this Conservative proposal many first-time movers and first-time buyers all over the UK will benefit. More deals will be made and that will stimulate the housing market.
Shifting of the threshold might also have an effect on other types of loans, such as secured loans, bridging loans and business loans. If there is an increase in the number of mortgage loans banks may be able to offer more forms of finance.
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