The UK government has proposed that from 1 April 2016 there will be some significant changes to stamp duty land tax (SDLT) for all purchases of additional residential properties (e.g. second home or buy to let).

The final announcement on these changes is not expected until the Chancellor’s budget on 16 March, however, from now until 31 March all parties involved in the Buy to Let mortgage application completion chain will be busier than usual – Intermediaries, Lenders and Conveyancers.

How to check if a purchase of a property by an individual is liable for the higher rates:

 

Santander

Important

To maximise the chances of your clients Buy to Let mortgage completing by 31 March can you please:

  • Only send us the information we need – use the affordability calculator checklist or check our evidence requirements guide
  • Package each applicant’s documents separately and upload to us via the Mortgage Application Tracking System (MATS) straight away
  • Revisit those applications we’ve already got in our pipeline, as they could be impacted if the purchase does not complete by 31 March 2016

Our Buy to Let offer times is currently 7 days, however, please allow time for all third parties such as the solicitor to do their legal work to allow customers to meet their completion timelines.

To ensure your clients are not liable for any additional SDLT charges can you please supply Santander for Intermediaries with all required paperwork in good time.

To discuss further, please call your dedicated contact.