With the stamp duty holiday for first time buyers due to come to an end this Saturday, The Co-operative Bank is launching a new range of fee-free products offering relief to first time homeowners who may have missed the deadline.
As part of the bank’s commitment to lend up to £360 million to first time buyers in 2012, the new products are available from March 23rd exclusively to those buying their first home with just a 10 per cent deposit.
The product range includes both fixed rate and lifetime tracker options with rates starting at 4.59 per cent. The mortgages also have no arrangement fees and include a free standard valuation saving first time buyers £1,249.
James Hillon, head of mortgages at The Co-operative Bank said: “We’re committed to increasing our lending to first time buyers this year and are backing up that promise with a new product range to help those who may have just missed out on the stamp duty holiday.
“Buying your first home is a milestone but the reality of finding the money for stamp duty on top of a deposit will delay many first time buyers from making this step. We want to encourage home ownership wherever possible by introducing affordable options for those looking to buy.”
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