Analysis of Treasury data by online mortgage company mform.co.uk revealed that as stamp duty rises, more people will look to pay for this by adding it to their mortgages. Indeed, its research also revealed that of those people who have paid stamp duty over the past three years, 28 per cent increased their mortgages by on average £3771 to help pay for it.
Find out how much stamp duty you will pay
On a regional basis, London has the highest level of stamp duty per property sold at £7,942, compared to £1,585 in Scotland, which is the lowest. However, between 2005/06 and 2006/07, Northern Ireland saw the average stamp duty per property sold rise by a staggering 104 per cent, from £1,178.08 to £2309.72.
Francis Ghiloni, mform.co.uk Marketing and Business Development Director, said: An extra £3,770 on a mortgage of £150,000 at a currently competitive 6.24 per cent interest for example, would increase monthly repayments from £988.58 to £1,013.42. Over 25 years, this would increase the cost by £7,452, which is a significant amount of money.
As house prices rise, the cost of stamp duty will increase and we expect more people to pay for this by adding it to their mortgage.
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