A relief for first-time buyers is available, which increases the residential nil rate band of LBTT to £175,000. The availability of the relief will result in a reduction in tax of up to £600 for qualifying first-time buyers, relative to the rates which would have otherwise applied.
More information including first-time buyer FAQs is available on the Revenue Scotland website.
Additional Dwelling Supplement
The LBTT Additional Dwelling Supplement (ADS) came into force on 1 April 2016. In general terms, it is charged at 4% of the relevant consideration (usually the purchase price) for an additional dwelling where this is £40,000 or more.
The supplement forms an important element of the Scottish Government’s drive to protect opportunities for first-time buyers in Scotland, reinforcing the progressive approach in place for LBTT rates and bands.
Further information and guidance regarding the ADS is available on the Revenue Scotland website.
To use this calculator, use the sliders to adjust the amount in the Mortgage Calculator section, then use the sliders to calculate typical months
All above are subject to status and qualifying criteria.
You may have your own Independent Financial Adviser who has already provided you with full information on a mortgage but if not, help can be available through either of the IFA’s below: