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 …
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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 …
Housing Market News
December 2020 is set to be the busiest month in the housing market in over a decade according to Zoopla. They report that house price inflation is expected to reach 4% by the end of the year but expect house price growth to slow to 1% in 2021. Regionally, the South East saw the greatest rise …
Tips for purchases before the end of the stamp duty holiday
In England the stamp duty threshold sits at £500,000 until 31st March 2020 and buyers completing on their main residence up to this amount before this date, will not pay stamp duty. This is a temporary benefit, and due to the huge surge in the property market currently, applications are taking much longer than expected. …
Be patient with longer timescales for mortgage applications
The confidence in the UK housing market is at a four-year high, according to surveyors and estate agents. Nationwide reports that UK house prices saw their biggest annual rise last month since 2016. On average, values rose by 5% this September compared to September 2019. There has been a huge surge in mortgage applications at …
Working together to navigate the changing market
Responding to the needs of customers affected by the COVID-19 pandemic, mortgage payment holidays can be extended for a further three months, under plans from the government and regulators. The availability of a three month mortgage holiday was first announced in March as part of an unprecedented package of support for individuals, businesses and the …