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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...
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...
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...
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,...
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...
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...
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