18 March 2005
The Budget decision to increase the stamp duty threshold could save first-time buyers around £1,000, predicts the Co-operative Bank.
Many first timers, already struggling to get on the property ladder, find stamp duty to be just another unaffordable obstacle.
But the Co-Op Bank feels that Gordon Brown's move of raising the threshold from £60,000 to £120,000 will significantly help buyers.
"This is great news for first-time buyers," remarked the bank's head of mortgages, Paul Rumbold.
"Buying a house is such an expensive time when all the associated costs are considered."
He added: "A saving of around £1,000 on these costs will go a long way towards easing the burden."
The Co-op Bank has estimated that the initial moving in costs for first timers totals just over £2,275, based on the average first time buyer loan of £90,000.
The bank currently offers two first time buyer-centred products.
Both come with a refunded basic valuation fee, no mortgage indemnity premium and a reduced application fee.
The Co-operative Bank's mortgages also include a free home energy rating report which help buyers by identifying ways energy efficiency in the property can be improved - thereby helping to save the environment and save the buyer money.
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