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Woolwich pays stamp duty with FTBs’ cashback

Woolwich is aiming at first-time buyers with a new suite of products after its research suggested that the sector is faltering.

A survey revealed the number of loans to FTBs has fallen by 37 per cent since 1999 as they struggle to keep up with soaring property prices.

Woolwich is taking a different tack from several rival providers, which are aiming at first-time sellers rather than first-time buyers, as revealed by Money Marketing last week.

Its new range includes a three-year discount mortgage at 5.29 per cent and a two-year stepped tracker with 1.5 per cent cashback.

Woolwich has designed several incentives for FTBs after research into what customers want from their mortgage. The findings have led to the inclusion of 1.5 per cent cashback – the equivalent of the cost of stamp duty – and vouchers giving up to 20 per cent off home goods at Argos.

Head of mortgages Andy Gray says: “First-time buyers face particular problems in the UK through a combination of high house prices and stamp duty costs, which can be the final financial straw. We have taken on board the views of consumers wanting to get their feet on the property ladder and developed a range of products, in terms of price and benefits, in what is a highly competitive marketplace.”

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