A fifth of the UK public (21%) don\u2019t think it\u2019s fair that people who own properties worth more than \u00a32 million will now have to pay an extra new annual charge, a poll from mortgage lender Together shows.<\/p>\n
The mansion tax will charge \u00a32,500 for a property worth between \u00a32m to \u00a32.5m, eventually rising to \u00a37,500 for those worth more than \u00a35m. It will take effect in April 2028.<\/p>\n
Ryan Etchells, chief commercial officer at Together, said: \u201cThe Baby Boomer generation \u2013 somewhat unfairly \u2013 tends to have a bad reputation due to buying homes in the 1970s\u20131990s when prices were low and disproportionately benefitting from house price inflation since then. However, with this new \u201cmansion tax\u201d in place; as our research proves; it\u2019s crystal clear that they will be hit hardest. <\/p>\n
\u201cThis means \u2018empty nesters\u2019 and people who bought their property decades ago simply as a family home, not as an investment, will now have to cough up thousands just to continue living in their own home. That\u2019s utterly unfair and will penalise them \u2013 adding even more cost pressures. Asset-rich but cash-poor older homeowners could really struggle, as this \u201cmansion tax\u201d could be equivalent to an entire year\u2019s state pension.<\/p>\n
\t <\/p>\n
\u201cThe industry needs to prepare for the likelihood that the government won\u2019t carry out any affordability checks. This means lenders will need to factor this additional cost into mortgage assessments for homes above the \u00a32m threshold, of which there are many, especially in London and across the South of England.\u201d <\/p>\n
Almost a quarter (23%) of those living in London and the South West of England are set to be hit the hardest by the change \u2013 given the difference in regional property prices <\/p>\n
The highest proportion view the \u2018mansion tax\u2019 as unfair in Bristol (27%), London (23%) and Plymouth (23%).<\/p>\n","protected":false},"excerpt":{"rendered":"
A fifth of the UK public (21%) don\u2019t think it\u2019s fair that people who own properties worth more than \u00a32 million will now have to pay an extra new annual charge, a poll from mortgage lender Together shows. The mansion tax will charge \u00a32,500 for a property worth between \u00a32m to \u00a32.5m, eventually rising to […]<\/p>\n","protected":false},"author":1,"featured_media":6056,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[2],"tags":[],"class_list":["post-6055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n