Halifax will cover the cost of stamp duty for some first time buyers — one of many deals that have made mortgages cheaper than ever for those lucky enough to qualify for one.
The Halifax deal, which runs across all its residential mortgages until 7 July, pays the stamp duty on properties between £125,000 and £250,000 for first-time buyers only.
If the property costs more than £250,000, it won’t cover any of the tax – As you pay 1% of the property price in stamp duty on homes up to £250,000, this works out as up to £2,500 off.
In some cases, we found, the deal works well for borrowers, but it won’t always. Therefore, it’s crucial to get the right advice as although getting up to £2,500 paid is a welcome extra, you must factor in the overall cost of the deal, so although it is a very attractive proposition for first time buyers, you may be able to get a better deal elsewhere.
According to Council Mortgage Lending (CML) figures, first-time buyers accounted for 40 per cent of all property purchases last year.
Almost 90 per cent of these first-time buyers purchased a property below the £250,000 mark in the final three months of 2012.
If you think the new Halifax deal could work for you get in touch on 0800 612 8099