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08
JUL
2020

The Government today announced a temporary cut in Stamp Duty (SDLT)

The housing market has been a clear focus for the government with its critical role in the economy. So, to ensure medium-term confidence in the property market and maintain the growing momentum since the easing of lockdown, the government is temporarily cutting Stamp Duty Land...
06
JUL
2020

FCA updates its guidance on mortgage payment holidays

There has been some confusion in relation to the impact that taking a payment holiday(Deferring a mortgage payment) will have on a persons credit file. When the FCA initially announced that lenders must permit a 3 month payment holiday back in April (now extended until the end of...
01
JUL
2020

Current Help to Buy: Equity Loan scheme will end on 31 March 2021

There are no plans to extend the existing Help to Buy: Equity Loan. It will end on 31 March 2021. A new Help to Buy: Equity Loan scheme for first time buyers only will be available from 1 April 2021 to 31 March 2023. Check if you are eligible for the new Help to Buy scheme...
30
JUN
2020

Prime Minister pledges biggest planning shake-up since WW2

The Prime Minister has promised to bring about the most radical reforms to the planning system since the Second World War in order to boost the delivery of new homes. Boris Johnson said he wanted the country to “build, build, build” as he set out measures that he wants to bring...
18
JUN
2020

Brokers grapple with down-valuations

Mortgage brokers have been contending with down valuations in the weeks since the housing market reopened on May 13. While some advisers say that valuations have been mostly holding up against pre-lockdown levels, many others report surveyors are returning much lower than...
15
JUN
2020

Property market update

The price of property coming to market in England is up by an average of 1.9% (+£6,266) to £337,884 this month compared to March, before the housing market was put on hold. Now that the market has been open since 13th May there is sufficient new seller asking price data for...
11
JUN
2020

Mortgage demand increases to pre-lockdown levels: Experian

Mortgage enquiries in May were 57 per cent higher than in April, and back to levels last seen in January, says Experian. The credit reporting company says that in March, enquiries fell 17 per cent, with the extend of this drop repeated in April. It adds that remortgage action...
10
JUN
2020
Houses for sale

Sales rebound to almost pre-lockdown levels: Zoopla

The number of new property sales agreed since the housing market re-opened is close to pre-lockdown levels, new data from Zoopla suggests. Four weeks on from the lifting of restrictions on property viewings and home moves in England, Zoopla says that sales are now 12 per cent...
08
JUN
2020

Buy to Let Barometer Q1 2020

BVA BDRC’s Q1 2020 Landlord Panel results The first quarterly report this year, produced for The Mortgage Works, is now available with insight taken from the latest Landlord Panel research. Based on data collected between 20 March and 2 April, the report also captures...
03
JUN
2020

FCA confirms support for customers who are struggling to pay their mortgage due to coronavirus

Yesterday the FCA confirmed the support firms should give to mortgage customers who are either coming to the end of a payment holiday or who are yet to request one. The FCA also reminded customers that if they can afford to resume payments, they should. For customers still...
02
JUN
2020

Help to Buy: Equity Loan – Latest guidance notes from The Government

The Government have updated their guidance notes for those looking to take their first steps on the housing ladder as the lockdown period enters its second phase (May 2020). There are many questions about what coronavirus means for Help to Buy: Equity Loan customers so the...
28
MAY
2020

Demand for housing in England surpasses pre-lockdown levels : Zoopla

Two weeks after the government reopened the property market, demand for housing in England has exceeded levels recorded at the start of March, according to the latest UK Cities House Price Index by Zoopla. Zoopla found that demand for housing across England rose by 88% after the...
26
MAY
2020

Income Protection insurance explained

Not many policyholders would have been able to to claim on their income protection policies as a result of the impact of Covid-19. However, many would. It would depend on how they structured the payment of the policy benefits when setting up the policy. Income Protection...
22
MAY
2020
Average Mortgage Rates

Mortgage rates do not appear to be reflecting the cut in base rate

The average mortgage rate across the mortgages in our “rate basket” has reduced this week from 1.42% to 1.40%. This is a little disappointing, given that many lenders have been publicising mortgage rate reductions following the “re-opening” of the mortgage...
21
MAY
2020

Chancellor plans mortgage payment holiday extension

The chancellor is reportedly devising a scheme to extend mortgage holidays for those still in financial difficulty as a result of coronavirus. The Financial Times reports that Rishi Sunak is working with the FCA and the industry on the best way of continuing support for...
20
MAY
2020

House prices rose by 2.1% in March before lockdown: ONS

House prices increased by 2.1 per cent in the year to March, but was down by 0.2 per cent from February, the latest figures from the Office for National Statistics show. Average UK house prices reached £231,855 in March, but the data is based on sales reported to Land Registry,...
19
MAY
2020

Insurance policy premium holidays

The is to update you on the latest news regarding premium payment holidays for protection insurance policies and how individual insurers are dealing with this. Background The FCA issued guidance to insurers late last week, in which it confirmed a series of temporary measures to...
18
MAY
2020

Lenders reprice and fine tune criteria as market reopens

Mortgage lenders have been adjusting their pricing and updating criteria as the market reopens and physical valuations resume this week. This morning has already seen a host of lenders repricing their deals as and fine tuning their risk appetite ready for an expected surge in...
14
MAY
2020

Mortgage valuations are resuming

It is good to learn that some lenders are now resuming physical valuations for mortgage applications. Although, during the lockdown, some lenders have been able to undertake “desktop” valuations on some properties, there are many that require a physical valuation,...
13
MAY
2020

Enquiries to estate agents surge 70% as market reopens: Rightmove

Photo by Blake Wheeler on Unsplash There was a 70 per cent surge in property hunters messaging estate agents via the Rightmove website this morning compared to yesterday following the government’s announcement that viewings and home moves can resume. Visits to Rightmove were up...
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