Mortgage bodies urge advisors to issue stamp duty reminders

January 30, 2025 by Brendan O'Neill

Mortgage Advisors

Two of the country’s top mortgage bodies have put out a call to advisors urging them to get in touch with clients, ahead of the cut-off date for stamp duty relief.

This call has come from the Intermediary Mortgage Lenders Association (IMLA) and the Association of Mortgage Intermediaries (AMI). Both bodies want mortgage advisors to contact any of their clients who may miss out on the cut-off for stamp duty relief. While this would partly serve as a reminder of the looming deadline, it would also be a way of managing any unrealistic expectations they have.

Talking to Mortgage Finance Gazette, the chief executive of the AMI, Robert Sinclair, stated that:

“The end of any homebuyer incentive inevitably distorts the market for a period and results in disappointment for those who miss the cut-off point. Managing mortgage borrowers’ expectations is of primary importance at such times as these.”

Sinclair went on to say that lenders and advisors were doing everything possible to get applications over the line ahead of the deadline, which is on April 1st. He pointed out there would always be some that were not completed in time though and that borrowers in such a situation should be warned.

That is because they will be facing borrowing costs that are higher than they would be anticipating. Sinclair concluded by saying that knowing about this in advance would soften the blow.

This is something that all mortgage advisors who have CeMAP training should be conscious of over the next few months.