Skipton Building Society is launching a new mortgage offer today, aimed at buyers who miss this week’s Stamp Duty deadline. 

The five-year fixed products will be available at 60, 75, 85, 90 and 95% LTV ratios.

These new mortgage products will provide up to 1.5% cashback, for homebuyers affected by the stamp duty changes.

The cashback will be paid directly into customers’ bank accounts 15 days following completion.

The new range specifically introduces 0.75% and 1.5% cashback options on these 5-year fixed rate mortgage products.

Charlotte Harrison, chief executive of Home Financing at Skipton Building Society, says: “Our teams will work round the clock, doing extra hours to help as many first-time buyers complete before the stamp duty changes.

“We’re doing all we can to help but appreciate how worrying it is for some to know that if their chain does not complete in time, they face additional extra costs.”

She adds: “Our Home Affordability Index research shows that the country has a chronic lack of home affordability and is about to get even worse. 

“The upcoming stamp duty reforms will further hurt first-time buyers and Skipton Group has been actively urging the government to maintain the current nil rate stamp duty threshold of £425,000 for people buying their first home.

“Today’s new mortgage launch is another example of our innovative product range designed to help more people get on the property ladder and supporting the next generation of homeowners.”

Skipton Group’s Home Affordability Index reveals the proportion of local authority areas in England where the average first-time buyer home falls in scope of stamp duty will almost quadruple overnight from 8.4 to 32% next weekend.

Skipton is guaranteeing it will complete any case where the buyer’s solicitor sends the certificate of title by March 25 – that’s tomorrow.