HSBC launches 90% deal after Stamp Duty move

24 March 2010 | By Natalie Holt

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.