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12
MAY
2020

New guidance for working in other people’s homes opens way for mortgage valuations

Photo by Ross Joyner on Unsplash The Government has issued new guidance for working in other people’s homes which hopefully will include surveyors looking to do physical inspections of properties. The guidance still recommends that businesses should “make every reasonable...
12
MAY
2020

What amount can I borrow on a mortgage?

The most common question that I am asked is, “how much can I borrow on a mortgage?” When life was a lot simpler, the answer was quite straightforward – the amount was a simple multiplier of your annual gross income. Normally around 4x, so someone with a gross...
11
MAY
2020

Coronavirus mortgage payment holiday strategy awaited

Photo by Tierra Mallorca on Unsplash Courtesy of The Guardian Currently 1.6 million homeowners are not paying their mortgages after taking a “payment holiday” at the start of the coronavirus crisis. But the three-month break from payments will come to an end much sooner than this...
07
MAY
2020

Government has issued Information for Help to Buy

The Government has issued Information for Help to Buy: Equity Loan customers affected by the current economic conditions. The aim is to answer many of the questions being posed about what coronavirus means for Help to Buy: Equity Loan customers. Questions include whether a...
05
MAY
2020

HMRC releases business support videos

HMRC has produced a set of videos that provide an overview of the support available to help businesses, self-employed individuals and employers and their employees deal with the economic impact of COVID-19. The three are on running your business, the job retention scheme and how...
04
MAY
2020

Pre-crisis annual house price growth at its strongest since February 2017

Annual house price growth reached 3.7% in April 2020, the strongest it has been since February 2017, according to Nationwide’s latest House Price Index. This is a 0.7% rise month-on-month, after taking into account seasonal factors. However, the impact of the COVID-19 pandemic...
01
MAY
2020

Coronavirus – tenants in financial difficulty

The government has implemented new legislation to protect tenants experiencing financial difficulties as a result of the coronavirus outbreak. You can download a copy of the government guidance on the new requirements here. We have outlined some of the key areas of consideration...
30
APR
2020

Average age for claims show the importance of life insurance

Life insurance claims figures, released by Legal & General, reveal some interesting facts about the average age of claimants and the cause of the claims. The average age for claims on income protection policies (those policies that pay out when you are unable to work because...
29
APR
2020

Number of available mortgage products increase for the second week in a row

Last week saw the number of available mortgage products increase for the second week in a row to 8,044 products, an increase of 488 (5.9%) from the previous week. Much of the growth has been seen in the re-mortgage sector where product numbers increased by 5.4%, while home mover...
28
APR
2020

373,000 property transactions on hold due to Covid-19

373,000 property transactions, with a total value of £82bn, are on hold due to the Covid-19 outbreak, according to research by Zoopla. Its figures show that the majority of the sales were agreed between November 2019 and February 2020, and would have been set to complete between...
28
APR
2020

One in seven mortgage borrowers take Covid-19 payment holiday

One in seven mortgages in the UK are now subject to a payment holiday, up from one in nine two weeks ago, according to the latest figures from UK Finance. Over 1.6 million mortgage payment holidays have now been offered to homeowners impacted by Covid-19, with almost 700,000...
27
APR
2020

Average rates for equity release hit all time low

The average rates for equity release products fell to a record low of 4.48%, with 40% of plans offering rates below 4% – an all-time low for the equity release industry, the Equity Release Council’s (ERC’s) Spring 2020 report has revealed. Older homeowners unlocked nearly £4bn of...
24
APR
2020

Demand for rented homes surged by 30% in two weeks

  Across the UK by region and price band, demand for rented homes has surged by 30% since 14 April 2020, suggesting the rental market is regaining momentum, according to Zoopla’s latest Rental Market Report. This follows an initial decline of 57% in the two weeks to 30...
23
APR
2020

Lenders kick-start mortgage deals

From the BBC. Some big lenders have begun reopening their doors to British borrowers, making it easier to get a home loan. At the start of the coronavirus lockdown, several scrapped deals or only offered loans to those with large deposits. But this week Nationwide, Halifax,...
22
APR
2020

Coronavirus Business Support Guide

Very useful guide produced by Darnells Newton Abbot. Darnells-Coronavirus-Business-Support-Guide-16-April-
22
APR
2020

Changes to Mortgage Affordability Assessment

Now available to the end of June, the Job Retention scheme was accessed this morning by employers to make 67,000 job claims in the first 30 minutes of the website going live. This is having a knock on impact for lenders as they look to tighten affordability and income they will...
09
APR
2020

Covid-19 – Impact on Lender’s Affordability Criteria

Lenders are adjusting their affordability criteria for new applications in response to the impact of Covid-19 on borrower’s incomes. The adjustments will vary from lender to lender and the type of employment (permanent full time, zero-hours, self-employed etc). Most...
27
MAR
2020

Coronavirus: People urged not to move house

From the BBC: The government has urged people not to move house to try to limit the spread of coronavirus across the UK. Buyers and renters should delay moving while emergency stay-at-home measures are in place, it said. Its comments come amid reports banks are pressing for a...
26
MAR
2020

VAT Payments

We ar starting to receive helpful hints and tips that might help you as you steer your business through the current economic climate and we’ll share these with you as and when we get them. The first is from our accountants who have been advised by HMRC that if you have a VAT...
25
MAR
2020

Mortgage Payment Holidays

This is an arrangement between UK Finance on behalf of members and the Government. UK Finance is the trade body that represents high street lenders. If you would like to know who they represent click here. Anyone can ask their lender for the payment holiday as a result of...
  • YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
    Whilst MortgageAbility does not charge for mortgage advice, please note that there will be an administration fee for arranging mortgages. The precise amount will depend upon your circumstances but we estimate it will be £395, payable on completion. MortgageAbility gives you the option to pay a non-refundable fee of 1% of the mortgage loan payable with the application. If this option is taken, MortgageAbility will refund any commission received from the lender.