Barclays Mortgages have released their homebuyer cashback mortgage which covers stamp duty fees for first time buyers with properties up to £500,000 eligible.
As part of the new product, Barclays Mortgages will offer £1,250 cashback when customers purchase a property with a value between £100,000 and £150,000.
When customers purchase a property with a value between £150,000 and £500,000, they will now receive £2,500 cashback.
The full stamp duty cost will be covered on properties with a value of up to £250,000.
Aaron Strutt, product director at Trinity Financial, said: “Even though more of the lenders are offering cashback incentives, it is unusual for one of them to provide enough money to pay for the stamp duty on a £250,000 purchase.
“Another bank offered a similar cashback scheme last year and it was incredibly popular. This sort of product allows younger borrowers to be less reliant on the bank of Mum and Dad.”