To support those who don’t manage to complete their house purchase before the upcoming Stamp Duty (SDLT) deadline, Skipton is set to launch a new cashback product range on Monday 24th March.
The 5-year fixed products, at 60%, 75%, 85%, 90% and 95% loan-to-value (LTV), aim to provide a helping hand for homebuyers, providing up to 1.50% cashback, which will be paid directly into their bank account 15 days following completion.
The society said it is also guaranteeing to complete all submitted cases where conveyancers have sent across certificates of title by no later than 25th March.
This news comes as first-time buyers have less than two weeks to complete house purchases before major Stamp Duty changes come into force.
Research from Skipton Group’s Home Affordability Index revealed that the proportion of local authority areas in England where the average first-time buyer home falls in scope of Stamp Duty will almost quadruple overnight from 8.4% to 32.0% on 1st April.
The reforms will add £6,250 to the cost of buying a first home worth £425,000.
Charlotte Harrison, CEO of home financing at Skipton Building Society, said: “Our teams will work round the clock, doing extra hours to help as many first-time buyers complete before the stamp duty changes.
“We’re doing all we can to help but appreciate how worrying it is for some to know that if their chain does not complete in time, they face additional extra costs.
“Our Home Affordability Index research shows that the country has a chronic lack of home affordability and is about to get even worse.
“The upcoming Stamp Duty reforms will further hurt first-time buyers and Skipton Group has been actively urging the Government to maintain the current nil rate stamp duty threshold of £425,000 for people buying their first home.”
Harrison concluded: “Today’s new mortgage launch is another example of our innovative product range designed to help more people get on the property ladder and supporting the next generation of homeowners.”
