Customers taking out a mortgage with TSB for a home costing between £125,001 and £250,000, can get their 1 per cent stamp duty paid by the bank.
With the average home costing £165,411, according to the Land Registry, the average stamp duty to pay is £1,650, but it can go up to a maximum of £2,500 in the 1 per cent stamp duty price band.
More than one in 10 (11 per cent) aspiring homeowners worry about their ability to cover stamp duty, according to recent research from TSB.
In January 2013, there were 40,000 people who between them spent £70 million in stamp duty alone, TSB has calculated.
TSB’s mortgage products start at 2.84 per cent and many come without application or product fees.
For customers who are exempt from paying stamp duty, and those whose property purchase price is above £250,000, TSB is offering £500 cashback.
Ian Ramsden, mortgages director at TSB, commented: “With more than one in 10 customers worried about shelling out for stamp duty, it is clearly a significant up-front cost for first-time buyers and homemovers alike.
“This offer could save TSB customers up to £2,500 enabling homebuyers across Britain to spend more on what matters most to them when moving house. By putting this money back into its customers’ pockets TSB is helping fuel local economies.”
