With ever-changing mortgage requirements across lenders, Propertymark Industry Supplier, Home of Mortgages outlines how helping clients get an edge over other would-be buyers is key to a successful sale.
The UK Government has today, 19 April, opened a Mortgage Guarantee Scheme to help first-time buyers and current owners with 5 per cent deposits buy a house up to £600,000.
The Chancellor announced a new policy to support homebuyers who can only afford a five percent deposit with a mortgage guarantee. The scheme is not applicable when buying second homes or buy-to-let properties.
The Chancellor has listened to Propertymark’s calls to avoid a cliff-edge deadline to the Stamp Duty Land Tax holiday in the UK Government’s budget, today, 3 March 2021. The nil rate band up to £500,000 will end on 30 June, instead of March. A transitional nil rate band up to £250,000 will be in place until September and then return to £125,000 from October.
With the demand for rental property on the increase and the sales market experiencing a significant rise in mortgage applications, lockdown hasn’t been a deterrent for buyers and renters determined to make a change.
Latest data has revealed an overall slowdown in mortgages despite the stability in the buy-to-let market with an expected further growth of 1 per cent in the next quarter.
A new study from Santander Mortgages has revealed striking misconceptions and knowledge gaps among aspiring first-time buyers as they prepare to make their most major purchase.
Research from Legal & General and Cebr has revealed that the Bank of Mum and Dad (BoMaD) is now the equivalent of a top 10 UK mortgage lender, gifting a total of £6.3bn in 2019. This year, the average BoMaD contribution has risen by more than £6,000, to £24,100.
Intermediaries say interest only mortgages comprised 20 per cent of new business introduced in the second quarter of 2019, down from a 2007 peak of 28 percent, but significantly higher than five years ago. Repayment mortgages made up almost all the remaining proportion of new business in that time.
Thanks to a £10 million innovation fund, customers could take advantage of discounted mortgages and save money on energy bills and emissions by upgrading the energy rating of their home.
The Ministry of Housing, Communities and Local Government (MHCLG) has released the latest English Housing Survey headline report, covering the period 2017-18.