Some first-time buyers are now finding it difficult to meet mortgage repayments despite the fact that repayments for most have dropped.
Due to pay cuts or job losses for some, they are left with no option but to sell up and cut their losses. Not only are many of these in negative equity right now but if they have bought in the last two years, … they also face a stamp duty clawback. One of the conditions of the stamp duty exemption for first time buyers is that you don’t sell the property for two years. Otherwise you face a clawback. Try to hang in there for two years. Maybe it’s time that Mr. Cowen and his boys reviewed the stamp duty clawback rule again?