Barclays to launch first-time buyer products after stamp duty change

Ryan Bembridge

November 23, 2017

Barclays will launch a selection of products aimed at first-time buyers on Friday after the demographic benefited from a stamp duty cut in yesterday’s Autumn Budget.

The bank will offer 95% loan-to-value 2-year fixes at 3.64% with a £999 fee and 3.84% with no fee for house purchase.

Meanwhile 5-year fixes will stand at 4.74% with no fee and 4.54% with a £499 fee.

Homeowners struggle to move and many are opting to improve instead

Also launching on Friday will be family springboard mortgages, where a family member or loved one can provide 10% of the property’s price as security.

These will be 3-year fixes priced at 2.69% with no deposit and 2.49% with a 5% deposit.

Craig Calder, director of Barclays Mortgages, said: “Stamp duty is one of the largest financial hurdles first time buyers have to face and the changes announced in today’s Autumn Budget will be a hugely positive and welcome boost for many first time buyers looking to purchase a property in the New Year.

“We know how important it is for our customers to get on the property ladder or to move home; and to support the momentum in helping greater numbers of first time buyers move forward, Barclays Mortgages has launched a number of new and reduced 95% LTV mortgage products.”

 

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