Newcastle Building Society supports stamp duty extension

Newcastle Building Society is urging the Government to extend the stamp duty holiday ahead of Alistair Darling’s last Pre-Budget report before the general election.

The Society along with a number of key organisations in the housing market are looking for the Chancellor, Alastair Darling, to offer his support to the recovering lending market by extending the stamp duty holiday beyond the New Year which would affect homes valued between £125,000 and £175,000.

The break in stamp duty payments, along with the current reduction in VAT rates, is due to come to an end on 31st December 2009. 

Steve Urwin, Senior Sales and Marketing Executive at Newcastle Building Society, said: “The mortgage market is slowly showing signs of recovery and this is supported by the Bank of England’s latest figures, which reveal lending increased by £900 million in October. However we believe there is still a long way to go until the market is back on track.

“Extending the stamp duty deadline beyond the New Year to homes valued between £125,000 and £175,000 would undeniably support homeowners. It would also be particularly beneficial for those first-time buyers who are looking to take advantage of a series of high LTV mortgages. The Newcastle is offering a new mortgage range which starts from 2.49% for a two-year tracker mortgage that sit at the top of the best-buy tables.”

For more information, visit newcastle.co.uk.