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14 February 2017

Barclays’ new mortgage aims to offset stamp duty

A new mortgage product has been launched by a major high street bank, which could help buyers save thousands of pounds in stamp duty.

The homebuyer cashback mortgage from Barclays will give £2,500 to borrowers who to take out loans between the value of £150,000 and £500,000, and is aimed at helping buyers overcome the barrier of the levy.

To take out the five-year fixed-rate deals - that include no arrangement fees and rates of 2.69% - buyers are required to have a 20% deposit.

Buyers currently pay stamp duty on properties valued at over £125,000 and the cash back will cover properties up to the value of £250,000.

This means for higher value properties, the money back will only cover part of the levy, rather than the whole amount.

Craig Calder, director of Barclays Mortgages, said: "This fee-free cashback purchase only mortgage completely removes one of the major barriers faced by many first time buyers and home movers, as well as there being no product or valuation fees to pay."

However, Rachel Springall, a finance expert at Moneyfacts.co.uk, says it's important for borrowers to way up lending options before taking the plunge.

"Whilst the cashback from Barclays will be seen as a huge helping hand, buyers must make sure that the overall deal is the most cost effective choice for them," she said.

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