Despite the general doom and gloom around the UK economy, the housing market continues to buck the trend. According to the Nationwide House Price Index, house price growth was up again in July, standing at 11% compared to 10.7% in June. After considering seasonal effects, prices rose 0.1% month-on-month, representing the twelfth successive monthly increase. …
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Think about refinancing well in advance
On 4th August, the Bank of England announced interest rates would rise by 0.5% to 1.75%. This is the largest increase in 27 years. The decision was taken to try and curb the sharp hike in inflation, which stood at 9.4% in the 12 months to June 2022. With predictions this could rise to as …
Attitudes to Later Life Finance change as we move into 2022
A study by the Equity Release Council of 5,000 UK adults’ financial experiences highlights that 43% of mortgaged homeowners under the age of 40 relied on financial help from family or friends to get onto the property ladder. Just 23% of those aged above 40 relied on a similar level of support to buy their …
Encouraging signs in the Spring property market
We may not be quite out of the Covid-19 woods yet but the easing of the related lockdown rules across the UK has brought a smile to the faces of many. There is much to celebrate in the property market too – with positive sales figures reflecting the ongoing trend for strong market conditions. According …
Government Launch 95% Mortgage Guarantee Scheme
A new raft of 95% loan-to-value mortgage products are being introduced to the market that are backed by the Government’s new mortgage guarantee scheme. Prospective homeowners – particularly those looking to take their first step on the home ownership ladder, will be able to access 95% loan-to-value mortgage products guaranteed by the government. Chancellor Rishi …
Government plan to rectify unsafe cladding
The Government’s pledge in February 2021 of an additional £3.5billion to help rectify unsafe cladding on high-rise buildings has been welcomed. Supporting people who find themselves living in a situation impacted by unsafe cladding could not be more important. There is understandably much keenness to implement the initiative quickly. In the wake of the Grenfell …
Extension of the stamp duty holiday
Chancellor Rishi Sunak has extended the current stamp duty holiday in his budget announcement on March 3rd 2021, giving a further opportunity for buyers to capitalise on the temporary reduction in rates. Since 8th July 2020, reduced rates of Stamp Duty Land Tax (SDLT) have applied to residential properties, a measure that was introduced in …
90% Loan-to-value deals return to the mortgage market
With HSBC announcing their return to the 90% Loan-to-value arena on the 12th January 2021, it highlights a positive trend. The bank is one in a string of larger lenders to return, opening the market up to 1st time buyers again and potentially encouraging more smaller lenders to follow suit. What is Loan to value? …
2021 Open for Business
It is business as usual in the mortgage market, despite the third national lockdown. With the current global pandemic, like everybody, the whole property market has found itself in a complicated situation, quickly having to learn how to adapt to the changing environment. It is vital to the UK economy that the property market remains …
Equity release uptake climbs back towards pre COVID levels
Q3 2020 equity release market statistics released by the Equity Release Council show a positive upturn. The number of new equity release plans agreed (10,351) increased by 41% from the previous quarter as national lockdown restrictions were eased across the UK. Equity release allows individuals aged 55 and over to release money from the property …