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Real Estate
In a move to alleviate the financial strain affecting first-time homebuyers, Accord Mortgages has launched a new cashback mortgage range. This innovative initiative is designed to help aspiring homeowners navigate the challenges posed by the recent Stamp Duty Land Tax (SDLT) changes. As of April 1, the SDLT threshold for first-time buyers in England will drop from £425,000 to £300,000, significantly impacting those buying homes at the higher end of this bracket[1].
The SDLT changes, announced in the Autumn Budget, introduce a substantial financial hurdle for first-time buyers. For example, purchasing a property valued at £425,000 will incur an additional £6,250 in SDLT costs. This increase exacerbates the existing challenges faced by first-time buyers, including saving for sizeable deposits and managing rising interest rates and living costs[1].
To address these challenges, Accord's new mortgage products offer cashback of up to £6,250. This cash is sent directly to the customer's solicitor alongside the mortgage advance upon completion, ensuring buyers do not need to find additional funds upfront[1]. The range includes tiered five-year fixed-rate mortgages, starting at 5.19%, available up to 95% loan-to-value (LTV). These mortgages come with no product fee and include free standard valuations, making them even more attractive to first-time buyers[1].
Accord's initiative is part of a broader effort to support first-time buyers. Besides the cashback mortgages, they also offer a £2,000 cashback mortgage for both first- and next-time buyers and a £5k Deposit Mortgage. The latter allows first-time buyers to purchase properties valued up to £500,000 with just a £5,000 deposit[1][2].
Cashback mortgages, like those offered by Accord, provide instant financial relief for first-time buyers. The received cash can be used for various expenses such as closing costs, renovations, or even new furniture for the home. While these mortgages typically come with higher interest rates compared to standard mortgages, they offer flexibility in managing immediate costs associated with purchasing a home[3].
By offering innovative products like cashback mortgages, lenders play a crucial role in making homeownership more accessible to a wider audience. These initiatives not only help buyers navigate complex financial landscapes but also encourage more people to consider taking the step into property ownership.
In addition to Accord's efforts, the mortgage market is seeing a series of innovative products aimed at supporting first-time buyers. For example, Accord has also launched a 1% deposit mortgage option for first-time buyers with a minimum £5,000 deposit. This product allows for more flexible purchasing options and can be particularly beneficial for those without extensive family financial support[2].
Accord Mortgages' new cashback mortgage range is a significant step forward in aiding first-time buyers as they face rising SDLT costs. By providing substantial cashback amounts, these mortgages help mitigate some of the financial pressures associated with purchasing a home. As the mortgage market continues to evolve, supportive initiatives like these will remain crucial in helping aspiring homeowners achieve their goals.
