"The changes to stamp duty had an impact on the support we offered first time buyers through our Step Up facility."
The deal had allowed borrowers to add a family member's income to their application, requiring them to be put on the title deeds alongside the main buyer.
However in a statement, The Coventry says it was withdrawn for new mortgage applications from 28th July as the higher stamp duty rate also applies to second homes.
From 1 April 2016, higher rates of Stamp Duty Land Tax apply to purchases of any additional residential properties, such as second homes and buy-to-let properties.
In the Budget documents, the government confirmed that there will be no exemption from the higher rates for significant investors, and that higher rates will apply equally to purchases by individuals and corporate investors.
Speaking during the Autumn Statement, George Osborne said that "more and more homes are being bought as buy-to-lets or second homes", adding that "frankly, people buying a home to let should not be squeezing out families who can’t afford a home to buy."
In a statement, Coventry Building Society said: "The changes to stamp duty had an impact on the support we offered first time buyers through our Step Up facility. It was withdrawn for new mortgage applications from 28th July, though existing arrangements are not affected."
