Skipton Building Society launches a cashback mortgage range to help home buyers who cannot complete their purchase before the deadline of the seal rights.
The mortgages are five -year products with a fixed rate and are available for people with deposits up to 5%. They offer 1.50% cashback that is paid directly on the borrower’s bank account 15 days after completion.
Skipton also guarantees that it will complete all submitted items in which transporters have sent the title certificates by 25 March.
The Stamp Duty Deadline Is on March 31 and after this date the thresholds on the home head tax will change.
The zero rate for movers will fall from £ 250,000 to £ 125,000. In the meantime, it will fall from £ 425,000 to £ 300,000 for first buyers.
It has led to many buyers hurrying to complete at home purchasing in an attempt to prevent them from being hit by the load.
According to Skipton, the reforms will add £ 6,250 to the costs of buying a first house worth £ 425,000.
The Building Society itself has seen an increase of 54% in people trying to complete this month at their house purchase compared to March 2024. From those customers, 50% were buyers who desperately tried to get their purchase across the line and save on stamp rights.
In the meantime, Skipton Group’s Unique Home Affordability Index revealed the share of local government areas in England, where the average first copper house falls in the crossing of the stamp rights, will be almost four-time at night from 8.4% to 32.0% on 1 April.
Charlotte Harrison, CEO of Home Financing at Skipton Building Society said: “Our teams work around the clock and do extra hours to help so many first buyers complete before the seal rights change.
“We do everything we can to help, but appreciate how carefully it is for some to know that if their chain does not complete on time, they will be confronted with extra extra costs.
“Research from our home payability index has shown that the country has a chronic lack of home payability and is about to get worse.
“The upcoming reforms of the stamp rights will the first time the buyers of the start of the Stamp and the Skipton Group will further harm and has actively urged the government to maintain the current threshold for seal rights of £ 425,000 for people buying their first home.
“Today’s new mortgage launch is another example of our innovative range that is designed to help more people get to the real estate ladder and support the next generation of homeowners.”
The new cashback mortgages are available from Monday 24 March.