22
Mar
First-time buyers to receive help from banks after stamp duty
holiday ends
The Halifax and The Co-operative Bank are attempting to help
first-time buyers who have missed out on paying no stamp
duty.
The government's holiday on the scheme ends this Saturday (March
24th) and means that anyone looking to get on to the property
ladder will have to pay one per cent extra on a house worth between
£125,000 and £250,000.
However, Halifax is offering a product where it will pay half of
the stamp duty fee. It comes as part of a two-year fixed mortgage
rate which can be accessed with a deposit of either ten or 15 per
cent.
The Co-operative Bank has also launched a number of deals which are
fee-free. This includes one which requires a ten per cent deposit
and is on a lifetime tracker pegged at 4.09 per cent above the base
rate.
Stephen Noakes, mortgage director at Halifax, said: "Over the last
two years, the stamp duty exemption has helped 40 per cent of
first-time buyers. Now that it's coming to an end, we're keen to do
what we can to continue to support those buying their first home,
and soften the blow of a stamp duty bill at what's already an
expensive time."