3 Feb

Large home loan for high-end houses for sale in 2011

Large home loan for high-end houses for sale in 2011

People planning to buy high-end houses for sale in the UK could benefit from a new mortgage offer.

Tomorrow Santander is launching a mortgage to help homebuyers beat the Stamp Duty increase planned for April 6th.

Properties that exceed £1 million will have to pay a higher rate of Stamp Duty (five per cent) when the rate changes in two months time.

The new deal offers a two year fixed mortgage with 70 per cent loan-to-value for home loans between £1-2 million.

In addition, customers will be offered Santander's Homebuyer Solution, which provides a free basic mortgage valuation and a choice of free legal services or £250 cashback.

Phil Cliff, director of Santander Mortgages, said: "Our new two year fixed Homebuyer Solution ... has been especially created for buyers who require large loans and wish to beat the five per cent stamp duty increase at the start of April."

Recent research from Knight Frank revealed that 52 per cent of estate agents, developers and mortgage brokers predict that the Stamp Duty rise will have no impact on high-end property prices.ADNFCR-1222-ID-800384209-ADNFCR

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