Skipton Building Society will release a set of products with cashback to help borrowers who narrowly miss the stamp duty deadline.
Launching on 24 March, the five-year fixes will have cashback incentives of either 0.75% or 1.5%.
The cashback will be paid directly into a borrower’s bank account 15 days after completion.
The products are available at 60%, 75%, 85%, 90% and 95% loan to value (LTV) and will be open to those who do not complete before the stamp duty threshold changes.
Skipton Building Society has also announced a guarantee to complete all submitted cases where conveyancers have sent the Certificates of Title before 25 March.
The mutual said it was already seeing a 54% rise in people wanting to complete a house purchase compared to March last year. Of these, half are first-time buyers.
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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.”
She added: “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.”
Barclays and Lloyds Banking Group have also made guarantees to help buyers beat the stamp duty deadline.
