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.”