THE Co-operative Bank estimates that the Budget decision to increase the stamp duty threshold from £ 60,000 to £ 120,000 should save first-time buyers around £ 1,000.
Figures from the bank reveal the difficulties for first time buyers trying to get a foothold on the property ladder, with initial moving in costs alone totalling just over £ 2,275, based on it's average first time buyer loan of £ 90,000.
The Co-op Bank has already introduced two products specifically for first time buyers. Both come with a refunded basic valuation fee, no mortgage indemnity premium and a reduced application fee.
A mortgage from the Co-operative Bank also includes a number of environmental features.
First time buyers get a free home energy rating report with their property valuation. The energy efficiency of the property is assessed and ways in which it can be improved are identified, providing both financial and environmental benefits to the homeowner.
The bank's Head of Mortgages, Paul Rumbold, said: "This is great news for first-time buyers. Buying a house is such an expensive time when all the associated costs are considered.
"A saving of around £ 1,000 on these costs will go a long way towards easing the burden."