Nottingham Building Society has introduced two new residential cashback products, offering up to £5,000 in cashback to help homebuyers cope with upcoming Stamp Duty changes.
The 5-year fixed-rate products are available for home purchases valued at £250,000 or more.
The 75% loan-to-value (LTV) option offers a 5.28% initial interest rate with £2,500 cashback, while the 90% LTV option provides a 6.15% initial interest rate with £5,000 cashback.
Matt Kingston, sales director at Nottingham Building Society, said: “The upcoming Stamp Duty changes are set to significantly increase the upfront costs of buying a home, making homeownership even more challenging – particularly for first-time buyers who are already facing affordability pressures.
“With the nil-rate threshold for first-time buyers dropping from £425,000 to £300,000, many will now face thousands in additional costs just to get on the property ladder.
“At the same time, home movers and second-home buyers will also see higher tax burdens, further complicating an already difficult market.”
Kingston added: “We believe these changes should not deter people from achieving their homeownership ambitions.
“Our new cashback mortgage products are designed to provide practical financial support at a time when it’s needed most.
“By offering up to £5,000 in cashback, we aim to help ease the immediate financial impact of these changes and support buyers in securing a home in an increasingly expensive market.”
