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Articles   >>   Nationwide Urges Chancellor To Maintain Stamp Duty Threshold For First-Time Buyers

Nationwide Urges Chancellor To Maintain Stamp Duty Threshold For First-Time Buyers

Monday, November 28 , 2011


Date issued: 28 Nov 2011 Nationwide Building Society: www.Nationwide.co.uk

Nationwide Building Society is calling for the Chancellor to maintain the Stamp Duty threshold at £250,000 for first-time buyers in his Autumn statement on Tuesday 29 November.

The current threshold was introduced two years ago and is due to end in March 2012.

The removal of the threshold is likely to further deter many first-time buyers from entering the housing market, which would be an additional blow to the already fragile market.

Nationwide is committed to helping first-time buyers. In the last six months alone, the Society has launched ‘Save to Buy', a savings account aimed at first-time buyers, which gives them access to a range of 95% LTV mortgages and an impartial, award winning First-Time Buyers Guide which is available online and can be downloaded to a pc, tablet or smart phone.

At the same time the Society has recently opened up its 90% LTV mortgages to all homebuyers.

As well as maintaining the threshold for first-time buyers, Nationwide is also calling on the Government to increase the annual cash ISA limit to £10,680 in line with the equity ISA limit in order to offer a low risk tax-free option for borrowers saving up a deposit.

Graham Beale, Nationwide chief executive, said: "Nationwide recognises the importance of first-time buyers to a buoyant housing market.

"At a time when the Government is taking significant steps to help the housing market, such as the launch of the New Build Indemnity Scheme, it would be a step back if they removed the concession on stamp duty for first-time buyers.

"The Chancellor should delay removing this concession until the mortgage market has further stabilised.

"We have continued to support this sector by lending £1.2bn to 10,000 first-time buyers in the last six months, while helping potential borrowers in getting a deposit through our ‘Save to Buy' account.

"The Government should go even further by increasing the cash ISA limit to help those saving for a deposit".

Nationwide's market leading, impartial First-Time Buyer guide has recently been awarded the Mortgage Finance Gazette Innovator Award for a Large Lender. The guide is available online and can be downloaded to a pc, tablet or smart phone.

http://www.nationwideeducation.co.uk/finance-education/first-time-buyers-guide/index.php

About Nationwide Building Society

Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards and personal loans. Nationwide has around 15 million members.

Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the half year ending September 2011 Nationwide made a strong underlying profit of £172 million - up 17% from the previous year. Its strong financial performance and prudent business model means that Nationwide is included in Global Finance magazine's Top 50 Safest Banks in the World.

Nationwide has around 700 branches and customers can manage their finances in branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.



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