Customers taking out a mortgage with TSB for a home costing between £125,001 and £250,000, can now benefit from having their 1% stamp duty paid by the bank.

With the average homebuyer currently spending more than £1,650 on stamp duty, recent TSB research shows that 11% of aspiring homeowners worry about their ability to cover such costs.

This offer applies to a range of mortgage products with interest rates starting from 2.84%. In addition, TSB can also help customers save even more money upfront with these mortgage products, as many come without application or product fees.

Help is also at hand for customers who are exempt from paying stamp duty, and those whose property purchase price is above £250,000. TSB is offering £500 cashback to those buyers, which will go some way towards the costs of buying a property such as surveying, stamp duty or removal fees.

Ian Ramsden, mortgages dDirector at TSB, said: “With more than one in 10 customers worried about shelling out for stamp duty, it is clearly a significant up-front cost for first-time buyers and homemovers alike.

“This offer could save TSB customers up to £2,500 enabling homebuyers across Britain to spend more on what matters most to them when moving house. By putting this money back into its customers’ pockets TSB is helping fuel local economies.”