Stamp Duty Paid up to £2,500 - Halifax 3.24% 2 Year Fix Mortgage Fee Free First Time Buyer
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Stamp Duty Paid up to £2,500 - Halifax 3.24% 2 Year Fix Mortgage Fee Free First Time Buyer

107
Found 13th May 2013
I'm looking to buy my first home with a bit of luck, and I think this is a superb deal for first time buyers, Halifax will pay the stamp duty on a property up to £250,000 which at 1% is up to £2,500 instant saving on your first house or flat which is a BIG fee saving!

It's fee free and at 3.24% on their 2 year fix with 80% LTV (20% deposit) this is the best rate around at this LTV, the same as an IFA found without the stamp duty promo and with a fee!

This is also available at 85% LTV (15% deposit) at 3.79% for the 2 year fix which again is pretty much a market leading rate, and at 90% LTV (10% deposit) at 4.49% though I'm not sure how competitive that rate is, it should be accessible to first time buyers that have saved for a deposit.

You can get the full list of rates here just click the fixed rates less than 25% deposit tab: halifax.co.uk/mor…BHP

It's on until 8th July and when I spoke to the Halifax mortgage advisor he said as long as you contact them on or before that date after making an offer you would be able to get the promo, it doesn't matter when completion is as that will probably be a few months more!

2 Year Summary:
80% LTV - 3.24% - Fee Free - Stamp Duty Refund to 250k
85% LTV - 3.79% - Fee Free - Stamp Duty Refund to 250k
90% LTV - 4.49% - £995 Fee - Stamp Duty Refund to 250k

UPDATE: Halifax will also pay £150 extra if you switch current account to them or have a current account with them, so even better!

107 Comments

what does the rate switch to after the first two years?

Original Poster

The current Halifax Standard Variable Rate is 3.99% which seems par for the course, I think it works out best with any provider to get a new fix after it's up, but it's a reasonable SVR.

Edited by: "fragster" 13th May 2013

Oops deleted my own post! But found the answer, it is available for deposits larger than 25% and for longer terms! Thanks, def interested!

I got this deal last week. They also give you £150 cash back if you're an Ultimate Rewards account holder.

I don't really get mortgages, if I bought a house for say £130k (i'm up north its cheap!) then what would my deposit be?

A great deal indeed. It is hard to use it though. Where we live, Southampton, ppl are asking silly money for a 3 bed semi. Prices are 30k + the 2007 prices and are triple 1997 prices. I doubt I'll buy a house if this was the extent of the 'housing crash'.
If you can find a house in the time frame then a wicked deal but don't rush in to something.

Jinkz

I don't really get mortgages, if I bought a house for say £130k (i'm up … I don't really get mortgages, if I bought a house for say £130k (i'm up north its cheap!) then what would my deposit be?


Just do a percentage calculation.

You can choose your own level of deposit and then pick a deal accordingly. 95% mortgages are available again BUT come with worse deals, so could be as little as 6.5k. You'll probably need 32.5k for this deal I think. Then the remainder is what you would need to repay over 25-35 years.
Edited by: "JusticeForThe96" 13th May 2013

Jinkz

I don't really get mortgages, if I bought a house for say £130k (i'm up … I don't really get mortgages, if I bought a house for say £130k (i'm up north its cheap!) then what would my deposit be?



It's about your Loan To Value (LTV), so if you're looking at 85% LTV on £130k that means you'd be looking to borrow 85% of £130k (£110,500) and provide a deposit of the 15%, e.g. £19,500 (£130k - £110,500). Hope that makes sense.

The question is really how much of a deposit you can afford and then work backwards from that based on that to work out what you can afford. From that based on the rates you can start to work out what your monthly repayments would be. Goes without saying - but I'm not a financial advisor - hope this gives some pointers though.
Edited by: "morgie" 13th May 2013

Very good deal!
Wish I'd had that deal 2 months ago!

Ah I see, I best stick to renting then, i'm not ready for those kind of figures, I need to get married first unfortunately...

Supermod

The £2,500 looks quite attractive but I don't know many "first time buyers" that can pay £250,000 for their first property.
Edited by: "magicjay1986" 13th May 2013

hopefully now HSBC will lower their prices and I can remortgage again

magicjay1986

The £2,500 looks quite attractive but I don't know many "first time … The £2,500 looks quite attractive but I don't know many "first time buyers" that can pay £250,000 for their first property.


/wanders off

fragster

2 Year Summary:20% LTV - 3.24% - Fee Free - Stamp Duty Refund to 250k15% … 2 Year Summary:20% LTV - 3.24% - Fee Free - Stamp Duty Refund to 250k15% LTV - 3.79% - Fee Free - Stamp Duty Refund to 250k10% LTV - 4.49% - Fee Free - Stamp Duty Refund to 250k



I think you got your details wrong! Very low LTV there, especially for a FTB!!!

magicjay1986

The £2,500 looks quite attractive but I don't know many "first time … The £2,500 looks quite attractive but I don't know many "first time buyers" that can pay £250,000 for their first property.



Exactly my thoughts! And to get the headline rate would also require a deposit of £50k, which very few people will have as a first time buyer.
Still a decent deal at the lower end though I suppose!

Stu C

I think you got your details wrong! Very low LTV there, especially for a … I think you got your details wrong! Very low LTV there, especially for a FTB!!!



Yeah, looks like that's the deposit required for each as opposed to the LTV.

Supermod

quezi

Exactly my thoughts! And to get the headline rate would also require a … Exactly my thoughts! And to get the headline rate would also require a deposit of £50k, which very few people will have as a first time buyer.Still a decent deal at the lower end though I suppose!



Halifax know, as it was their own research, that the average price for first time buyers is just over the threshold for 1% of the purchase price at £125,799 up from £119,244. There would no doubt be better offers available for first time buyers although I appreciate circumstances are different.

Good luck buying a property for 250k bones.

Not sure if anyone has mentioned this already, but first time buyers do not pay stamp duty on properties up to a value of £250,000.
It seems to me that Halifax may be claiming to provide a benefit that is open to every first time buyer regardless of your mortgage provider.

magicjay1986

The £2,500 looks quite attractive but I don't know many "first time … The £2,500 looks quite attractive but I don't know many "first time buyers" that can pay £250,000 for their first property.


quite a few can - down south you'll be lucky to find a decent house for much less. lots a overtime and saving!

Banned

Any two year fixed deal is a pretty bad bet on interest rates in my opinion. Interest rates around the world are set to creep up shortly. Japanese government bonds have just taken a battering. The tide is turning and this artificially propped up economy is about to unwind soon. I'm also a FTB and have a reasonable deposit saved up, but no way am I lumbering myself with a debt that will last almost as long as my age today. I'm sorry but the baby boomers (including my parents) have had all the benefit of the housing boom and now theres a shed load out there like me who will not or cannot participate. A one way correction is inevitable.

iirc first time buyers don't pay stamp duty on property up to 250k.

HTH

upset brown pant

iirc first time buyers don't pay stamp duty on property up to 250k.HTH



They do have to pay Stamp Duty. There was a 'Stamp Duty Holiday' for first time buyers a while back, maybe what you're thinking of?

Edit - Was April 2010 - March 2012 - stampdutycalculator.org.uk/pag…htm


Edited by: "morgie" 13th May 2013

upset brown pant

iirc first time buyers don't pay stamp duty on property up to 250k.HTH


IIRC, this ended Mar 31 last year. I took good advantage of it

Original Poster

unclened

Any two year fixed deal is a pretty bad bet on interest rates in my … Any two year fixed deal is a pretty bad bet on interest rates in my opinion. Interest rates around the world are set to creep up shortly. Japanese government bonds have just taken a battering. The tide is turning and this artificially propped up economy is about to unwind soon. I'm also a FTB and have a reasonable deposit saved up, but no way am I lumbering myself with a debt that will last almost as long as my age today. I'm sorry but the baby boomers (including my parents) have had all the benefit of the housing boom and now theres a shed load out there like me who will not or cannot participate. A one way correction is inevitable.



I know it's all opinion with no guarantees, but my view on this (along with many other forecasts) is that interest rates will remain at or below 1% until around 2017, so I think a short fix now is fine as rates aren't realistically getting much lower, with view to potentially a longer fix at remortgage time if it is looking like rates may increase in the short term.
Edited by: "fragster" 13th May 2013

first time buyers do pay stamp duty

Original Poster

Stu C

I think you got your details wrong! Very low LTV there, especially for a … I think you got your details wrong! Very low LTV there, especially for a FTB!!!



quezi

Yeah, looks like that's the deposit required for each as opposed to the … Yeah, looks like that's the deposit required for each as opposed to the LTV.



fixed, thanks!

hmmm

im looking to find a mortgage.

I am also a first time buyer.

Looking at a property for 200k with a 20% deposit so on the 80% LTV.

I was looking at getting the HSBC tracker at 3.39%, the advantage of this halifax is the 2k payoff the stamp duty.

What should I go for?

Would be better if demand for homes was satisfied by building them in adequate numbers and not leading people on to see who can borrow the most for the ones already standing.

UGH wish this was available 7 months ago!!!

so after the 2 years....u just need to remortgage?

davilown

IIRC, this ended Mar 31 last year. I took good advantage of it



ah, ok. me too!

mungeam

Not sure if anyone has mentioned this already, but first time buyers do … Not sure if anyone has mentioned this already, but first time buyers do not pay stamp duty on properties up to a value of £250,000.It seems to me that Halifax may be claiming to provide a benefit that is open to every first time buyer regardless of your mortgage provider.



thats completely incorrect

Banned

hi guys, can someone point me into the right direction, i am a first time buyer and I dont quite understand how mortgages work and all this LTV lingo??

deelz001

hi guys, can someone point me into the right direction, i am a first time … hi guys, can someone point me into the right direction, i am a first time buyer and I dont quite understand how mortgages work and all this LTV lingo??



say you see a house you want to buy is £100k

if you had £20k deposit then then LTV is 80%

deelz001

hi guys, can someone point me into the right direction, i am a first time … hi guys, can someone point me into the right direction, i am a first time buyer and I dont quite understand how mortgages work and all this LTV lingo??



Does my earlier post on this thread help? hotukdeals.com/dea…325

Original Poster

b_p4tel

hmmmim looking to find a mortgage.I am also a first time buyer.Looking at … hmmmim looking to find a mortgage.I am also a first time buyer.Looking at a property for 200k with a 20% deposit so on the 80% LTV.I was looking at getting the HSBC tracker at 3.39%, the advantage of this halifax is the 2k payoff the stamp duty.What should I go for?



Halifax has a lower rate, is fixed and will save you 2k in fees (more if HSBC has an arrangement fee) so I think halifax wins by a pretty long way!

Hi all

Quick question. I sold my property around 7 months ago and have been living with friends since. Would I count as a first time buyer now?

Tymondo

thats completely incorrect



Not far off the mark though...

First time buyers don't pay stamp duty up to 125k

theconveyancingnetwork.com/ind…et/

For anyone asking for advice on mortgages in this thread, speak to friends as to who may be able to advise a good mortgage broker (good to go with someone that a close friend has had a good experience with.) It will make the whole process less painful, will more than likely secure you a better deal than if you were to shop around yourself and whilst they do take a fee, what you pay them is likely to outweigh itself in interest payments over the course of say a 2 or 3 year fixed deal.
Edited by: "HowAboutNo" 13th May 2013
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