HSBC launches 90% deal after Stamp Duty move
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HSBC has launched a 90% LTV deal aimed at first-time buyers purchasing properties below the new Stamp Duty limit of £250,000.
One of the headline reforms out of today’s Budget announcement was a new starting threshold for Stamp Duty of £250,000 for first-time buyers, doubled from the previous £125,000 limit.
The exemption comes into effect at midnight tonight and will run this year and next.
In response HSBC has cut its fee free lifetime tracker by 0.5% from 4.99% to 4.49% and available up to 90% LTV.
The lender has also launched a two-year fixed rate mortgage at 2.99% with a maximum loan size of £250,000, a £999 fee, and a maximum LTV of 70%.
Andy Mielczarek, head of retail products at HSBC, says: “Today’s move by the chancellor to help first-time buyers by removing Stamp Duty for all homes of up to £250,000 is welcome news.
“Spring is often the time of year when people start looking to buy a new home, so the combination of the Stamp Duty cut and our latest mortgage deals gives first-time buyers a healthy boost towards their goal of joining the housing market.”
The products will be available from March 29.
Readers' comments (3)
Anonymous | 24 Mar 2010 3:48 pm
Lets hope others follow suit
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Anonymous | 24 Mar 2010 4:49 pm
With them still approving 3 out of 10 cases submitted I wonder?
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Anonymous | 25 Mar 2010 12:14 pm
Follow suit? Let's hope other lenders do something better than a 70% LTV - what use is that to most FTBs?
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