Halifax Intermediaries is offering to pay the full stamp duty bill for first time buyers purchasing properties up to the value of £250,000.
It will pay the entire stamp duty bill on purchases between £125,001 and £250,000, reducing a first time buyer’s costs by up to £2,500. For first time buyers who purchase a property below £125,001, customers will receive £250 cashback.
For the second consecutive year, the offer is available through a range of Stamp Duty Special products in the Halifax Intermediaries mortgage range, enabling all first time buyers purchasing a property between £125,001 and £250,000 to have the choice of taking this offer.
Some of the products include:
85% LTV, two-year fixed rate mortgages is available at 3.44% with a £999 fee
90% LTV, two-year fixed rate mortgages is available at 4.79% with a £999 fee
95% LTV, two-year fixed rate mortgages is available at 5.19% with a £999 fee (Help To Buy Mortgage Guarantee Scheme)
“We know that Stamp Duty can often be a cost that is overlooked, particularly by first time buyers who are focused on saving an initial deposit for a house,” said Ian Wilson, Head of Sales for Halifax Intermediaries.
“We helped ease the burden of Stamp Duty for over 14,000 first time buyers last year and we’re keen to do what we can to once again support those buying their first home, at what’s already an expensive time.
“As the leading lender to first time buyers, we have a compelling proposition helping to deliver an effective service to brokers and their customers.”
There were 268,800 first-time buyers who purchased a property last year, an increase of 23% compared to 2012, with first time buyers accounting for 44% of all property purchases in 2013 and 91% of first time buyers purchasing a property below £250,000 in 2013, according to Halifax analysis.
On a national level, 46% of home purchases by first time buyers were between £125,000 and £250,000. However, there were significant regional variations in the prices paid by first time buyers last year, with those in the South East (75%) and South West (71%) purchasing properties between £125,000 and £250,000. In contrast, only 14% of first time buyers in Northern Ireland and 23% in the North of the country purchased within this range.