Barclays Mortgages has launched the Barclays Homebuyer Cashback mortgage, designed to help first time buyers or homemovers recover the cost of stamp duty on their new property purchases.

There are two deals on offer:

• 2.69 % five-year fixed 80% LTV, £0 fee (minimum £150,000 loan + £2,500 cashback), maximum loan £500,000
• 2.69 % five-year fixed 80% LTV, £0 fee (minimum £100,000 loan + £1,250 cashback), maximum loan £150,000

The new Barclays Homebuyer Cashback mortgage is offering a £2,500 cashback on mortgages greater than £150,000 and up to £500,000 that will cover the Stamp Duty on properties valued up to £250,000. A £1,250 cashback is available on mortgages between £100,000 – £150,000 that matches the maximum Stamp Duty on properties value at £187,000.

Craig Calder, director of Barclays Mortgages, said: “We know how important it is for our customers to get on the property ladder or to move home, so we’ve introduced Barclays Homebuyer Cashback Mortgage to make it easier. This fee-free cashback purchase only mortgage completely removes one of the major barriers faced by many first time buyers and homemovers, as well as there being no product or valuation fees to pay.

“With a cashback of up to £2,500, it will help first time buyers move forward and buy their own home much sooner – with the flexibility to spend the cashback to either recover their Stamp Duty cost or however they wish.”