Stamp duty calculator
Our stamp duty calculator is a handy interactive resource for anyone thinking of applying for a mortgage or remortgaging.
It can give you an idea of the Stamp Duty Land Tax (SDLT) you will need to pay on a particular UK-based property, whether that’s your main residence, a second home or a Buy to Let purchase. Though there may be no tax to pay at all. It depends on a number of factors.
When buying a property, it’s important to have this information so you can take it into account when you are working out your purchasing or moving costs.
How our stamp duty calculator works
Our stamp duty calculator below is an easy-to-use tool. Simply enter the purchase price of the property you want to buy, its location along with whether it’s a single or additional property and whether you are a first-time buyer or not. Press the calculate button and it will tell you how much stamp duty you will have to pay.
If you want to check the stamp duty on other properties, simply press the clear calculator button. It will wipe the details of the previous property, and you can start again.
It’s important to note that the information should be used as a guide only. For tailored advice, our qualified mortgage brokers will be able to help.
Understanding how stamp duty works
Stamp duty on a residential home is based on a percentage of its value with the amount payable rising in accordance with banded thresholds.
Based on the most current rates, homebuyers don’t pay anything on the initial £125,000 of their home’s purchase price. Between £125,001 and £250,000, it is charged at 2%. And between £250,001 and £925,000 it is charged at 5%. For a home valued between £925,001 and £1.5million, it is charged at 10%. And if it’s above £1.5million, it is charged at 12%.
If you are purchasing a second home or Buy to Let property, stamp duty will be calculated differently. Our calculator takes this into account. More information can be found on this below our calculator.
SDLT is not the same in all parts of the UK. In Northern Ireland, the bands are the same as in England but different calculations – and rules – apply in Wales and Scotland.
In Wales, Land Transaction Tax stands in place of stamp duty. Its starting threshold is £225,000 for residential properties and £225,000 for non-residential properties and land.
In Scotland, Land and Buildings Transaction Tax replaced stamp duty in 2015. Homebuyers don’t need to pay tax on the £145,000 of a property’s purchase price. The band between £145,001 and £250,000 is charged at 2%. Between £250,001 and £325,000, it is charged at 5%. And between £325,001 to £750,000, it is charged at 10%. If a property is valued at anything from £750,000, it is taxed at 12%.
In relation to when you need to pay stamp duty, in England or Northern Ireland, you will have 14 days from the date of completion / date of entry. While, in Wales and Scotland, you will have 30 days.
See our understanding mortgage types guide for more information.
Stamp duty for Buy to Let and second homes
If you are buying a buying a second home, or if you have multiple homes, you will be charged a higher rate of stamp duty.
In England and Northern Ireland, this works out to be an additional three percentage points on top of the standard stamp duty rates.
In Scotland, this works out to be an extra six percentage points.
Whereas in Wales, it works out to be an extra four percentage points.
These rates also apply if you are purchasing an additional property to rent it out – a Buy to Let property investment.
Though, if you are a first-time buyer purchasing a Buy to Let property, you won’t have to pay the higher rate. That said, you won’t be eligible for the first-time buyer stamp duty relief either.
How James Leighton can help
For information on what your projected land tax obligations will look like for you as you navigate buying a property, our mortgage specialists will be able to help. Highly experienced, they know the property market inside out and will be able to throw light on any mortgage related questions you may have. They offer a bespoke service, taking into consideration your current financial circumstances and any goals you have for the future.
Related links
See our affordability calculator for an idea of how much you might be able to borrow for a mortgage.
See our repayment calculator to establish monthly mortgage repayments.
See our Buy to Let mortgages page for more information on becoming a landlord or growing your portfolio.
Find out more about your projected land tax obligations with our easy-to-use stamp duty calculator above and contact us with any questions.
