24 February 2005
A new mortgage is being launched by Alliance & Leicester, aimed at first-time buyers.
The product is designed to alleviate the burden of stamp duty.
Customers will receive £1,500 cashback for loans between £25,000 - £100,000 and £2,500 cashback for loans between £100,001 - £250,000, with the cashback linked to the size of the loan.
The First Step Mortgage features a fixed interest rate of 5.99 per cent for three years.
It is subject to no product fees but customers will incur an early repayment charge of three per cent of the outstanding balance if redeemed before May 31st 2008.
Director of mortgages, savings and investment products at Alliance & Leicester, Stephen Leonard, said: "The new mortgage product from Alliance & Leicester called The First Step Mortgage will go some way to help first time buyers with the cost of stamp duty and should appeal to those who also want a competitive rate."
The property tax is payable on all transactions of £60,000 and above.
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