Matt Brighton

22 | The Mortgage Offer is Sorted on the Buy-to-Let!

publishedabout 1 month ago
2 min read

Hello everyone! πŸ‘‹
It took a while longer than expected, but I finally had the mortgage offer come through on #WTF1, my first buy-to-let and small refurb project! We had a few issues with the lenders accepting holding companies but after Precise messed about, we ended up getting a mortgage from their sister company, Kent Reliance at about 3% interest only.

This means, all being well - we should see completion of the property maybe in mid-September where I'll be heavily documenting the refurb over on my YouTube channel.

This week I also took part in some interviews with a friend I met via Instagram known as Aaron Knightley, if you haven't checked him out, he has his own YouTube channel and I'll link to the interviews below.

Here's a photo of the kitchen - I'm thinking of replacing the tiles as they're pretty grim, but also buying some kitchen doors from What do you think? Or should I just bite the bullet and get a proper kitchen re-fitted?


Should I just replace the cupboards and floor? I think it would look brand new by doing that. I need to inspect the worktop more to make a proper decision... and that sink!

🏑 The World of Property

Stamp duty payments soar 90%, despite the tax holiday

This is an interesting piece of news that I came across this week that blew my mind. The amount of tax paid by people buying a new home has nearly doubled compared to last year, despite more than half of buyers benefitting from the stamp duty holiday.

  • Buyers paid a total of Β£2.06bn in stamp duty in the 3 months to the end of June - 90% more than in the same period of 2020
  • Only 37% of people buying a home paid stamp duty during the period, compared with 64% a year earlier, and yet the value of the tax collected almost doubled.

But why is this happening?

There was a 175% jump in the number of homes changing hands during the 3 months to the end of June, as people rushed to complete their purchase before the full stamp duty holiday ended, according to HMRC.

It also led to a significant rise in the number of people buying homes costing more than Β£500,000, as they were still able to make significant stamp duty savings, despite being charged the tax at a rate of 5% on the portion of their purchase costing between Β£500,001 and Β£925,000,10% on the portion between Β£925,001 and Β£1.5m, and 12% on the portion above Β£1.5m.

A total of 59,600 properties were bought for more than Β£500,000 in the 3 months to June 2021, compared with just 13,000 a year earlier, with these higher rates of stamp duty making a significant contribution to the total amount of the tax paid.

A further Β£485m was paid by people purchasing a second home or buy-to-let property, as the 3% surcharge on these homes was not covered by the stamp duty holiday.


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πŸ“½οΈ YouTube this week

Rather than sharing my own videos this week, I wanted to share my 3 part interview that I did with Aaron Knightley - if you want to learn a little bit about me for a change, feel free to check out his videos! I LOVE the B-roll in the first video at the beginning!





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