Stamp duty is often one of the biggest costs associated with purchasing your home. For some people and properties, it can be enough to put them off. However, a new scheme is being released by some lenders that will enable you to receive cashback to cover the stamp duty costs as part of their mortgage agreement.
How does it work:
- You can recover all or some of your stamp duty in exchange for a higher fixed rate interest
- Full stamp duty covered on properties up to the value of £250,000
- On homes above £250,000 you can claim for up to £2,500 to cover some of the costs up to £500,000
The idea behind the scheme is to encourage you to buy a new property with the cashback incentive covering the Stamp Duty costs.
If this is a scheme that you would be interested in finding out more about, please contact our advisers at Aaron Tawny here.