Keystone sets application deadline to beat stamp duty hike

Keystone Buy to Let Mortgages is urging brokers to submit their clients' Classic Range purchase applications as soon as possible in an effort to ensure that cases complete before 1st April 2016, when the new 3% stamp duty surcharge comes into effect.

Related topics:  Finance News
Rozi Jones
5th January 2016
shutterstock_110240975.jpg

Although it doesn’t guarantee that all purchase cases will complete within this timeframe, Keystone will prioritise applications that are submitted by 29th January 2016.  

According to Keystone’s management information, it takes, as an industry average, 95 days to take a case from start to completion. As of today, there are just over 86 days to go until the stamp duty surcharge kicks in.

Keystone is also asking brokers for help. In addition to submitting cases sooner rather than later, it wants brokers to tell clients how much money can be saved and encourage clients to respond promptly to all requests for paperwork and information.

David Whittaker, managing director of Keystone, said:

“Since the surcharge was announced we have been preparing for an increase in applications, making sure that systems are in place and staff are ready. We have also been working closely with our valuers and solicitors to ensure that they too are prepared for what we anticipate will be a very busy period.

“Getting purchase applications over the line before 1st April is our priority. It will save borrowers thousands of pounds. The deadline will give us a little over eight weeks to take cases from submission to completion. In most instances, that will be do-able – even for limited company applications which, because they require a greater underwriting skillset, can take longer to process.”

More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.