Secured loans news: Stamp Duty holiday extended

Consumers who are looking to purchase their next home may be encouraged by Stamp Duty developments announced in yesterday's Budget.

Chancellor Alistair Darling said the exemption criteria for the land tax would continue to take effect until December 31st 2009, meaning those who buy residential properties for up to £175,000 will not have to pay the levy.

According to the government, about six in ten home sales are excluded from Stamp Duty thanks to this rule, which was first implemented last September.

It could be great news for those who are looking to move house but are worried about the extra charges that accompany a house purchase.

The Budget also included measures to help people who are struggling to make home loan payments.

Extra government support was announced for the Mortgage Rescue Scheme, which can assist owners who are in negative equity or those whose mortgage is less than 120 per cent of the property's value.


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