Accord Mortgages and Skipton Building Society said they would guarantee to complete mortgage applications before the end of this month. From April 1, the Stamp Duty threshold will reduce from £250,000 to £125,000.

This means borrowers will pay 2% tax on the element of their property’s value which falls between those bands. The tax-free threshold for first-time buyers is also reducing from £425,000 to £300,000, and properties worth over £500,000 will no longer qualify for first-time buyer relief. Skipton, said the hike will add £6,250 to the cost of buying a first home worth £425,000. Accord said many people will pay Stamp Duty for the first time from April 1, while others will pay thousands of pounds extra.

Anticipating an ‘extremely busy’ last week of March as people race to the finish line, Accord is ensuring it has the ability to double capacity if needed, to support their efforts.

Skipton and Accord are both guaranteeing to complete all submitted cases where conveyancers have sent across certificates of title by no later than 25 March.

Chris Hill, head of sales and Distribution at Accord, said: “We know our valued broker partners will be doing everything they can to help their clients avoid paying significantly more when the Stamp Duty thresholds change at the beginning of April.

“So, we’ve maximised resource across our highly-skilled customer support team to help them achieve that. We’re already known for our high service standards, delivered through a combination of highly sophisticated systems and dedicated advisers.

“That combined force is now laser-focused on delivering for brokers and their customers during what we expect to be an exceptionally busy lead-up to March 31, as people try to beat the deadline.”

Skipton said it had seen a 54% increase in people seeking to complete on their house purchase compared to March last year, as buyers race to complete their purchases before April 1.

Of those customers, 50% are first-time buyers desperately trying to get their purchase over the line and save on stamp duty.

Charlotte Harrison, chief executive of home financing at Skipton Building Society said: “Our teams will work round the clock, doing extra hours to help as many first-time buyers complete before the stamp duty changes. We’re doing all we can to help but appreciate how worrying it is for some to know that if their chain does not complete in time, they face additional extra costs.

“Our Home Affordability Index research shows that the country has a chronic lack of home affordability and is about to get even worse. The upcoming stamp duty reforms will further hurt first-time buyers and Skipton Group has been actively urging the government to maintain the current nil rate stamp duty threshold of £425,000 for people buying their first home.”