Dry goods! Speed horse! One minute to read the UK home purchase loan process.


The stamp duty relief introduced by the UK has greatly stimulated the UK property market.




Because in the case of stamp duty reduction, investment in real estate, whether it is self-occupied or rented, is a stable and value-added excellent investment choice.




First of all, let's talk about what is stamp duty???




1. What is stamp duty? A relief?


The biggest piece of tax that Britain has to pay to buy a house is Stamp Duty (Stamp Duty Land Tax, referred to as SDLT).




Whether it is a local or a foreigner, as long as the first property purchased exceeds 125,000 pounds, they need to pay stamp duty. If it is a second suite, stamp duty points start from the 3% of the selling price of the house, and the steps are progressive.




And due to the impact of the epidemic, there are changes! In order to stimulate the economy, the British government has introduced an unprecedented subsidy policy-- stamp duty relief, extended until the end of the June 30, 2021.


For more information on stamp duty, please click on the link to the official website of the British government:





note: will there be any relief after that? It is currently unknown, you can follow this public number and get first-hand news! (Public number two-dimensional code at the bottom oh ~)


secondly, as overseas buyers, can we borrow money to buy a house in the UK? How much can I borrow? What is the interest rate?




2. What documents are required for the loan?


Valid passport and resident identity card

one of the water/electricity/gas/payment orders within three months of the current address

applicant's bank statement for the last three months

personal annual tax payment certificate

personal credit reports provided by the People's Bank of China.

Proof of deposit for down payment on payroll for the last three months

if the customer manager of the domestic bank can issue a recommendation letter, it will greatly help the approval of the customer's application procedures.




If the income of the applicant mainly comes from the company under his own name, the following materials are also required:


articles of Association and Business License

the company's audited financial statements for the last 3 years.

The company's statement for the last 3 months.

The industrial certificate of the company's industry.




3. What is the loan procedure?


The entire procedure usually takes 4 to 6 weeks.

• AIP (Agreement in principle) Loan Bank Preliminary Report: Usually 2 Business Days

original/certification document collection and asset evaluation: usually 4 working days

loan officer application report: usually 2 working days

risk assessment department applies for approval: usually 1 week

retail department contract: usually 1 week




There are two categories according to personal circumstances:


1. First set/set (Single property): refers to the buyer who has not bought a house before in the world and is ready to buy it.


2. Two or more sets of global (additive property). Note: If one of the husband and wife has a real estate, then the second set is counted as the second set together or alone.


How much can stamp duty relief save?


If it is a first suite, buying a property of 500,000 pounds or more can save up to 15,000 pounds (equivalent to more than 130,000 yuan). The price of the property does not exceed 500,000 pounds, and there is no stamp duty at all!


The calculation of specific stamp duty can be use the British government's official stamp duty calculation link (English).


Enter the total price to calculate:



Is the first suite the same as the first suite?


The First time buyer refers to the person who wants to buy the First suite.




The scope of a Single property is larger, including the above-mentioned buyers of the first suite and those who have bought and sold, and currently do not have a house in their hands.


So in terms of stamp duty, it is the same.




First suite/first suite

(Single property)

the definition is the world's first suite, that is to say, the buyer of the first suite is not only the first time to buy a house in the UK, but also cannot hold a property in other countries, including China.


Two or more sets

(Additional property)

if it is not a global first-time homeowner, the calculation method is slightly different, of course it will higher some.




If you have any questions, you can also contact Liu's customer service to help calculate!


Author: Minghao Li

source: Details of the United Kingdom (ID:UKtalk)

it may not be reproduced without authorization.

Source: Google,UKGOV


The stamp duty relief introduced by the UK has greatly stimulated the UK property market.
Because in the case of stamp duty reduction, investment in real estate, whether it is self-occupied or rented, is a stable and value-added excellent investment choice.

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