Mortgage lender HSBC is launching two new first-time buyer mortgages for those buyers seeking a purchase a property that falls under the £250,000 stamp duty limit imposed by the budget. The mortgage loans will be fee-free lifetime tracker mortgages, with a maximum loan to value up to 90 per cent. Furthermore, the lender will also launch a new two-year fixed-rate mortgage loans with a loan to value of up to 70 per cent.

 

The head of retail products at HSBC, Andy Mielczarek, reportedly commented: Today’s move by the Chancellor to help first time buyers by removing stamp duty for all homes of up to GBP 250,000 is welcome news. Spring is often the time of year when people start looking to buy a new home, so the combination of the Stamp Duty cut and our new mortgage deals gives first time buyers a healthy boost towards their goal of joining the housing market.

 

The Council of Mortgage Lenders predicted that 350,000 households would benefit from the stamp duty threshold increase during 2010.