IMLA warns brokers to ‘manage expectations’ as stamp duty deadline nears
The Stamp Duty holiday deadline is approaching, and lenders and brokers must manage borrower expectations, says the Intermediary Mortgage Lenders Association (IMLA).
In April the minimum stamp duty threshold will revert from £250,000 to £125,000; while for first-time buyers it will revert from £425,000 to £300,000.
Kate Davies, executive director of the Intermediary Mortgage Lenders Association, said: “Lenders are just as keen as brokers to ensure as many customers as possible can complete on their property transactions ahead of April 1st, but congestion at the conveyancing stage is a real issue, and some borrowers will bear the brunt of higher Stamp Duty as a result.
“Industrial action at the Land Registry will not help when it comes to transfer of title post-completion, particularly with those less routine cases which cannot be dealt with via an automated process.
“It is more important than ever that we keep the lines of communication open between lender, broker and borrower in the weeks ahead.”
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The information contained within was correct at the time of publication but is subject to change.
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