First time buyers benefit from having stamp duty paid
05 March 2014
First time buyers who take out a mortgage through Bank of Scotland will benefit from receiving up to £2,500 to pay their Stamp Duty costs from the lender.
Available from 4 March to 6 May 2014, first time buyers will see their stamp duty costs paid on properties priced over£125,000 and up to £250,0001. This offer is available across the First Time Buyer range of mortgages in Bank of Scotland2.
Stamp Duty is the largest cost associated with buying a home and this offer will hopefully ease the financial burden of first time buyers getting their first step on the property ladder. The 1% of the property price will be paid to their solicitor after completion.
Nicola Noble, Mortgage and Bancassurance Director at Bank of Scotland, said:
"We understand how costly buying a house can be, especially when you’re just getting your foot on the property ladder. Buying your first home is a big step and Stamp Duty is a large expense that can sometimes be forgotten about until much later in the process. While our competitive mortgage rates will help keep costs down in the long run, this offer could release up to £2,500 for other necessities such as buying furniture or personalising the home.”
Lloyds Banking Group has pledged to support first time buyers, by committing to lend £10 billion in 2014 to help customers purchase their first home. This will help around 80,000 first time buyers by the end of 2014, and will be delivered by continuing to offer the most comprehensive proposition in the UK mortgage market.