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Halifax deal helps first-time buyers meet Stamp Duty costs

Halifax has launched a first-time buyer product designed to cover purchasers’ Stamp Duty costs for properties valued between £175,000 and £250,000.

Buyers will receive 1% of the purchase price of their property on completion of the mortgage deal, which is available on a five-year fixed rate.

The product is exclusively available to first-time buyers and under its provisions, cheques will be issued directly to conveyancers immediately after mortgage deals are completed.

A survey by Halifax shows that only a quarter of first-time buyers adequately research and budget for Stamp Duty.

A further 20% only make estimates regarding the levy in their budgeting while about a third of aspiring first-time buyers do not take account of the tax at all in their calculations .

Stephen Noakes, commercial director at Lloyds Banking Group, said: “Our research shows that many first-time buyers are unaware of the cost of Stamp Duty.

“We remain committed to helping aspiring first-time buyers get a foot on the property ladder and have developed this product to help them meet some of the initial costs involved.”

Halifax’s first-time buyer initiative was unveiled shortly after chancellor Alistair Darling’s Budget announcement that the Stamp Duty holiday for properties worth less than £175,000 would be extended until the end of the year.

Darling’s announcement was greeted with widespread cynicism among professionals in the housing industry.


Marketwatch 27/04/2007

Swaps increased pretty sharply last week, more than reversing the falls of the previous week. Have we seen the bottom? Who knows.

Repossessions fall 50% at Co-operative Bank

Figures from The Co-operative Bank show the number of repossessions at the bank have halved over the past 12 months.Figures from the Council of Mortgage Lenders estimated that the number of repossessions during 2009 will jump by 67% to 75,000.However, over the last six months The Co-operative Bank has only been involved in eight repossessions, […]


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