Mar 22, 2012
Phil Cliff, Director of Santander Mortgages, commented:”Getting a foot on the ladder is a tough task for first time buyers against the backdrop of a sluggish property market.
Despite the availability of some very affordable mortgage deals, that extra £2,500 can make a huge difference to a financially stretched first time home buyer, so we’re disappointed to see this hasn’t been extended by the Government.
“Our research shows that roughly 170,000 new home owners have benefitted from the existing exemption which will end this Saturday 24 March. An estimated £319 million1 has been saved by first time buyers as a result of the stamp duty holiday which came into play in March 2010, and saw no tax on properties under £250,000. Now home owners can expect to pay 1 per cent tax on property purchases between £125,000 and £250,000 and a 3 per cent on purchases over £250,000.
Santander continues to support the market with a comprehensive range of competitively priced mortgages, available up to 90% LTV, which now also includes a range of buy-to-let deals available through intermediaries. In addition, all new mortgages have a Homebuyer Solutions package (free valuation and £250 cashback) available, which helps customers with the up front costs of moving. For more information, visit your local branch, log on to www.santander.co.uk or call 0800 068 6564.