15 Feb

First-time buyers save substantial amounts

First-time buyers save substantial amounts

The two year stamp duty holiday has meant that a large number of first-time buyers across the country are now able to say they saved money through it.

Under the scheme, those buying a house for less than £250,000 were exempt from the one per cent tax, meaning that 89 per cent managed to purchase without having to pay the fee. Those who were not exempt were mostly buying more expensive property for sale in London.

Santander has also revealed that the holiday has meant that first-time buyers in the UK have made a collective saving over the two year period of £319 million, represented by a maximum saving of £2,500 each.

"Despite the availability of some very affordable mortgage deals, that extra £2,500 can make a huge difference to a financially stretched first time home buyer," said Santander's director of mortgages Phil Cliff.

It is thought that 177,000 people altogether saved money through the scheme.ADNFCR-1222-ID-801293899-ADNFCR

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