Welcome to the September edition of the Dee Commercial Finance newsletter!
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Seven things we learned from the mini Budget
The Chancellor Kwasi Kwarteng presented his highly anticipated mini Budget on Friday, with many predicted changes coming into force. Kwarteng confirmed many changes that were hinted at during the week, such as stamp duty reform and removing the bankers’ bonus cap, adding that the changes would help fuel the UK’s economic growth.
British Business Bank expands Start Up Loans scheme
The British Business Bank’s Start Up Loans programme has been expanded. It now includes start-ups that have been trading for up to three years and second Start Up Loans are now available to eligible businesses that have been trading for up to five years.
Holiday let mortgage options double since 2020
The demand for UK holidays has grown in recent years as the number of holiday lets nationwide has increased by 72% since September 2021. According to analysis by Moneyfacts.co.uk, there are now more than 320 deals available to holiday let, a figure which has doubled since the advent of the pandemic in March 2020.
Stamp duty cuts could boost property sales by a quarter
Last week, the government announced the previous SDLT threshold payable between £125,000 and £250,000 would be scrapped while the tax will only be due for first-time buyers purchasing above £425,000 or above.