Accord Mortgages has launched a mortgage range to cover the cost of buying a first-time home by offering cashback of up to £6,250 to first-time buyers.
Cashback can be used to offset increased stamp duty costs and is sent to clients' lawyers as mortgage advances and used as soon as the mortgage is completed. 
As it increases from April 1, stamp duty thresholds reveal that lenders' analysis of cashback offers are sufficient to meet the extra money needed in their first home worth up to £500,000.
The new products include a tiered range of five-year fixed-rate mortgages from up to 95% loan value (LTV) for first-time buyers, with a free standard rating.
Cashback ranges from £2,500 for properties worth up to £350,000, with the highest tier paying £6,250 for properties worth up to £500,000.
There is no charge for the product. It can be used to purchase homes and flats with new builds that include up to 90% LTV in the UK, Wales, Scotland and Northern Ireland.
“We've been working hard to get the most out of our business,” said Jeremy Duncombe, Managing Director, Accord Mortgages. “First-time buyers already have enough challenges to save a significant amount of deposits and overcome in dealing with the affordable challenges posed by rising interest rates and current cost of living.”
“We fear finding thousands more to cover the additional tax burdens caused by the stamp duty changes announced in the government's fall budget will be too far for many.”
“That's why we decided to launch this innovative new product, which differs in the cashback sent to the lawyers to ensure that borrowers don't need to find more money in advance to provide potential solutions to aspiring homeowners who need it.”
