Nottingham Building Society has launched two new residential cashback products to help homebuyers – especially first-time buyers – get up to £5,000 in cashback.
The new five-year fixed rate products have launched as a direct result of the impending stamp duty changes taking effect from 1st April.
As a result, first-time buyers could pay over £5,000 more in stamp duty, and home movers up to £2,500 more, depending on their property value.
Available for home purchases valued at £250,000 or more, the Society's new products are available at 5.28% up to 75% LTV with £2,500 cashback and 6.15% up to 90% LTV with £5,000 cashback.
Matt Kingston, sales director at Nottingham Building Society, said: “The upcoming stamp duty changes are set to significantly increase the upfront costs of buying a home, making homeownership even more challenging - particularly for first-time buyers who are already facing affordability pressures.
“With the nil-rate threshold for first-time buyers dropping from £425,000 to £300,000, many will now face thousands in additional costs just to get on the property ladder. At the same time, home movers and second-home buyers will also see higher tax burdens, further complicating an already difficult market.
“We believe these changes should not deter people from achieving their homeownership ambitions. Our new cashback mortgage products are designed to provide practical financial support at a time when it’s needed most.
“By offering up to £5,000 in cashback, we aim to help ease the immediate financial impact of these changes and support buyers in securing a home in an increasingly expensive market."
