Foreign Property Investors Face Stamp Duty Surcharge

Foreign property buyers will have to pay more stamp duty under plans announced by Prime Minister Theresa May.

The government could place a surcharge of 1% or 3% on top of stamp duty, with the extra money raised being spent on tackling rough sleeping.

May said: “For too many the dream of home ownership is too distant and the indignity of rough sleeping remains all too real.

“We’re committed to helping British residents get the right home for them. This higher stamp duty for non-residents will help to end rough sleeping for good.”

However buying agent and property agent Henry Pryor wasn’t impressed.

He said on Twitter: “Foreign buyers now face 6% additional Stamp Duty on top of the rate paid by domestic purchasers.

“If they are buying via a company then they will pay ATED [Annual Tax on Enveloped Dwellings] ever year on top of this.

“Good politics? Perhaps. Sound policy? I doubt it.”


Secure Trust Bank Challenges Brokers to Play The Unordinary Mortgage Game

Secure Trust Bank is challenging brokers to play The Unordinary Mortgage Game at London Mortgage Business Expo next week, to be in with the chance of winning a prize including an iPad Bose SoundLink.

Secure Trust Bank, which sets out to remove the obstacles brokers can encounter when dealing with an ordinary lender, has created a game that will be available to play on its stand at London Mortgage Business Expo at The Barbican on 10 October.

As part of the game, players need to get their client to the blue mortgage bar in the quickest time possible by removing the right obstacles.

Tony Hall, sales and marketing director at Secure Trust Bank Mortgages, said: “At Secure Trust Bank we remove the obstacles that can stand in the way of brokers placing cases with other lenders, including the recently self-employed, contract workers, applicants with complex income and older borrowers.

“With all the spare time we’ll be saving you with our ‘unordinary’ approach to lending, why not spend it playing our game, that acts as the perfect analogy for removing mortgage obstacles?”

As well as MBE London, it will be available to play on the Secure Trust Bank stand at FSE Midlands and every location for The Mortgage & Protection Event. For brokers who are unable to attend one of these events, it is also available to play online on the lender’s website.