Queen’s Speech unveils planning bill and leasehold reform
The government will bring in a property planning bill aimed at modernising the planning system, according to the Queen’s Speech. During the speech, the Queen outlined plans to modernise the planning system to enable more homes to be built, provide more help for...
Number of properties selling over asking price climbs to 7-year high
Some 16 per cent of properties sold for more than the asking price in March, NAEA Propertymark’s housing report showed. This was the highest proportion recorded since May 2014 where 19 per cent of properties sold for more than their asking price. In comparison to...
First-time buyer affordability hurdle with ‘Helping Hand’ mortgage
Nationwide is launching a new mortgage which enables first-time buyers to borrow 5.5 times their salary up to 90% loan-to-value (LTV). The ‘Helping Hand’ mortgage, which will be available on 26 April, applies to borrowers taking out a five or ten-year fixed rate deal...
Santander to disregard 20/21 tax year for self-employed borrowers
Santander will discard the 2020-21 tax year for self-employed borrowers who have been hit by the Covid-19 pandemic. Instead, from 19 April Santander will base its income assessment on the 2018/19 and 2019/20 accounting periods. However, the lender said it will need to...
Base rate to remain at historical low until 2025
The current Bank of England base rate of 0.1 per cent is expected to remain unchanged until 2025, Capital Economics predicted. The consultancy’s latest UK housing market update concluded this would combine with other low-rate scenarios across the mortgages sector. ...
Choice of 95 per cent mortgage deals rises almost six-fold in one month
Borrowers with a five per cent deposit have seen their choice of mortgage deals rise almost six-fold in less than one month as the government’s upcoming scheme has kick started the market. On 1 March, there were five specialist mortgage deals available at 95 per cent...
Accord returns to 95% LTV market
Accord Mortgages returns to the 95 per cent loan-to-value mortgage market tomorrow (Wednesday), in a move aimed at “giving brokers more choice for first-time buyers with smaller deposits”. The product, only available through advisers, has a five-year fixed rate of...
Budget News
Following newspaper headlines over the weekend, the government has confirmed that it will be offering a mortgage guarantee scheme. The mortgage guarantee scheme is designed to encourage lenders to lend mortgages of up to 95% loan to value (LTV). Virgin Money said it...
Sunak set to extend stamp duty holiday for three months
The stamp duty holiday will be extended for three months until the end of June at next week’s Budget, according to reports. The Times reported today that chancellor Rishi Sunak will make the change in a bid to keep the property industry moving. Many industry...
Mortgage choice widest in nearly a year
The number of mortgages on the market has risen to 3,215, according to Moneyfacts – the widest choice seen since March 2020’s count of 5,222. It is also the largest four-monthly rise, at 42 per cent, (counted from October 2020) since 2007. In what should be good news...
Property industry to remain open as national lockdown resumes
Last night, Prime Minister Boris Johnson announced another national lockdown, which has already come into force and is expected to last until mid-February. However, the property industry is to continue operating, with estate and letting agents remaining open, house...
Home buyer numbers hit 16-year high
The average number of prospective buyers per estate agent branch was 580 this November, says NAEA Propertymark. This is 29 per cent increase on a monthly basis and is the highest number recorded since August 2004, when 582 were counted. In addition to this, the...
Nationwide opens 90 per cent LTV mortgages to more borrowers
HSBC keen for 90 per cent LTV return but concerns remain for 95 per cent
HSBC has confirmed it is ready to return to 90 per cent loan to value (LTV) lending as soon as other big lenders re-enter to ensure capacity can be spread around to meet demand. However, the lender said it would not be diving straight in to the 95 per cent LTV sector...
FCA chiefs fail to explain why borrowers were not told payment holidays would affect lending decisions
The heads of the Financial Conduct Authority (FCA) have failed to explain why borrowers who took payment holidays at the start of the coronavirus pandemic in March were not told that doing so would affect future lending decisions until months later. In a session with...