At The Mortgage Works, we are here to provide you with the guidance and support you need to navigate these new measures and make informed decisions for your property investments.
Key Takeaways for landlords from the Autumn Budget
While we are still digesting the full impact of the Budget, here are the key areas landlords should be aware of:
1. Capital Gains Tax (CGT): rates will remain the same for residential property with the lower rate at 18% and higher rate at 24%, this means landlords will not be affected if they choose to sell up.
2. Stamp Duty Land Tax: the higher rate for additional dwellings will rise from 3% to 5%, from the 31st of October 2024. This applies to the purchase of second homes, buy to let properties (where at least one property is already owned) and companies purchasing residential property to let.
How The Mortgage Works can support you post-budget
We know that Budget announcements can bring uncertainty, but at The Mortgage Works, we are committed to supporting landlords. We exist to support landlords to operate effectively, easily obtain financial support and understand their responsibilities.Regular updates: stay up to date with our news and insights section for the latest landlord insight.
The Mortgage Works will continue to offer the support you need to thrive in a changing market. Whether you are looking to invest, refinance, or simply stay compliant with new regulations, we are here to help you. We will continue to work with Government in order to help create a better Private Rented Sector for all.