Accord Mortgages has become the latest lender to issue a guarantee to help brokers get cases over the line before 31st March, as borrowers rush to beat the 1st April stamp duty threshold change.
The lender will guarantee to complete cases before the end of this month if they are submitted by Tuesday, 25th March. Accord urges brokers and solicitors to get in touch on 0345 1669208 if they cannot meet this deadline but are targeting a March completion.
From 1st April, the nil-rate stamp duty threshold will reduce from £250,000 to £125,000, and borrowers will therefore pay 2% tax on the element of their property’s value which falls between those bands. The tax-free threshold for first-time buyers is also reducing from £425,000 to £300,000, and properties worth over £500,000 will no longer qualify for the first-time buyer relief.
Anticipating an ‘extremely busy’ last week of March as people race to the finish line, Accord is ensuring it has the ability to double capacity if needed.
Chris Hill, head of sales and distribution at Accord, said: “We know our valued broker partners will be doing everything they can to help their clients avoid paying significantly more when the stamp duty thresholds change at the beginning of April.
“So, we’ve maximised resource across our highly-skilled customer support team to help them achieve that. We’re already known for our high service standards, delivered through a combination of highly sophisticated systems and dedicated advisers. That combined force is now laser-focused on delivering for brokers and their customers during what we expect to be an exceptionally busy lead-up to 31 March, as people try to beat the deadline.”
