YBS first-time buyer mortgages changed 'to cover stamp duty cost'
23-Dec-2009
Certain
first-time buyer mortgages from Yorkshire Building Society (YBS) will give consumers more cashback in 2010.
This is to try and cover the cost of stamp duty, which will revert back to normal rates and thresholds after the lowest band was suspended in September 2008.
From January 1st, buying a home valued between £125,000 and £175,000 will incur a fee of one per cent of the total amount, meaning those who have already shelled out for their deposit and agency fees will face another cost when it comes to getting their foot on the first rung.
However, YBS will provide the following deals for first-time buyers - either a five-year fixed-rate product at 5.99 or three-year fixed-rate at 5.84 per cent, each with cashback totalling one per cent of the entire loan.
Iain Cornish is chief executive of the lender and says getting on the property ladder can be "a very expensive business".
"We have therefore designed these new mortgages to take some of the financial pressure off first-time buyers," he adds.
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