Barclays Mortgages release new product

Jessica Nangle

February 14, 2017

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.

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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.”

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