Halifax to pay stamp duty for FTBs
Under the terms of the new deal, Halifax Intermediaries will pay the entire stamp duty bill on purchases between £125,000 and £250,000, reducing a first-time buyer’s costs by up to £2,500.
Ian Wilson, head of sales for Halifax Intermediaries, said: “Buying a home is one of the most expensive purchases many will ever make and the costs associated can place an extra burden on first-time buyers.
“Stamp duty can often be one of the largest costs that can be overlooked particularly for buyers who are focused on saving an initial deposit for their first home.
“We are keen to eliminate this cost as part of our ongoing support of first-time buyers.”
The offer is available through a range of “Stamp Duty Special” products in the Halifax Intermediaries mortgage range and means all first-time buyers purchasing a property between £125,000 and £250,000 have the choice of taking this offer.
Products in the “Stamp Duty Special” range include a 60% loan to value 2-year fixed rate of 2.54% and a 85% LTV 2-year fixed rate of 3.84%.
Analysis conducted by Halifax found that first-time buyers accounted for 40% of all property purchases in 2012 with almost 9 out of 10 first-time buyers (87%) purchasing a property below £250,000 in the final quarter of 2012.
There were significant regional variations with first-time buyers in the South East (72%) and South West (68%) purchasing properties between £125,000 and £250,000.
At the other end of the spectrum, only 21% of first-time buyers in London purchased within this range.