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Halifax to pay FTB Stamp Duty costs

Halifax is launching a first-time buyer product which is designed to cover the buyer’s Stamp Duty costs for properties valued between £175,000 and £250,000.

Buyers will receive 1% of the purchase price of the property on completion of the mortgage deal, which is available on its five-year fixed rate mortgage for properties up to £250,000.

The product is exclusive to first-time buyers and will launch on Wednesday when further details will be revealed, including the rate.

A cheque will be issued directly to the conveyancer following completion of the mortgage.

A survey from Halifax shows only a quarter (24%) of FTBs have researched and budgeted for Stamp Duty.

A further 20% have only made estimates for Stamp Duty in their budget, whilst 17% have just researched the cost of Stamp Duty but have yet to budget for it. While a third (31%) of FTBs have not considered the cost of Stamp Duty.

Stephen Noakes, commercial director at Lloyds Banking Group says: “Our research shows that many first time buyers are unaware of Stamp Duty costs when buying a house.

“We’re committed to helping first-time buyers onto the property ladder and have specifically designed this unique initiative to help with the initial costs of buying their first home.”


Network Data in crisis talks with regulator

Network Data says it is in crisis talks with the Financial Services Authority and other financial services firms to get its appointed representatives writing business again.

Some party

But it’s not all doom and gloom. Mole was pleased to hear that Alan Cleary, managing director of Exact, and Ian Lonergan, chief executive officer of Exact, partied in style to celebrate their own 40th birthdays.


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