What is the First Homes scheme and how does it work?

The First Homes scheme is a new policy that will provide discounted homes to first-time buyers in England who otherwise wouldn’t be able to afford one. More specifically, under this scheme, first-time buyers will be able to purchase a new-build home in their community at a discount of 30% on the market price. For an … Continue reading “What is the First Homes scheme and how does it work?”

Seven deadly mortgage sins to avoid

Many people were expecting that house prices would fall during the pandemic, or at least stagnate. Indeed, a lot of first-time buyers were wistfully hoping that it might happen. But the government didn’t want a property crash on top of everything else, so introduced the stamp duty holiday to buoy up the market and protected … Continue reading “Seven deadly mortgage sins to avoid”

Taking on the challenge of a self employed mortgage

Self-employed people still face an uphill struggle in mortgage applications, but help is at hand. Though some lenders have tightened their criteria, others are working with mortgage brokers to encourage buyers with complex incomes. If you run your own business, work as a contractor or earn through freelancing, then you’re disproportionately more like to have … Continue reading “Taking on the challenge of a self employed mortgage”

SVR mortgage confusion costs homeowners over £4k

At least 1 in 4 mortgage holders are needlessly losing money every month by paying the maximum interest – and it could be many more. And yet it’s now relatively much cheaper to obtain a 5-year fixed rate mortgage for longer-term certainty. Over a quarter of homeowners with mortgages have ended up on their lender’s … Continue reading “SVR mortgage confusion costs homeowners over £4k”

90% mortgages are back – but there’s a catch

First-time buyers can once again get on the property ladder with a deposit as low as 10%. However, the interest rates they now face may exceed 5%. Are there still affordable first mortgages out there? After several months being shut out in the cold, first-time homebuyers can now borrow up to 90% of the value … Continue reading “90% mortgages are back – but there’s a catch”

UK catches the property auction bug

Are Brits abandoning the estate agent for the auction house? This year nearly 40% more property by value has been sold at auction, compared to 2019. Leading provider Auction House has enjoyed a record October performance, having shifted £65m worth of property in that one month alone, while John Pye Property saw transactions more than … Continue reading “UK catches the property auction bug”

Mortgage market makes ‘astonishing’ recovery

Since the start of the coronavirus outbreak, positive news about the mortgage market has been hard to come by. Instead, we’ve seen predictions of economic disaster, soaring unemployment rates and a deep property market slump. However, as lockdown restrictions eased, the outlook started to look more hopeful, though infection rates started to rise in early … Continue reading “Mortgage market makes ‘astonishing’ recovery”

Game of Loans – is winter coming for homebuyers?

Stark warnings have been issued from lenders and mortgage experts that the property market could soon get much tougher and loans more expensive. But there are still ways for the more shrewd homebuyer to fulfil their ambitions. Getting on the property ladder has never been easy for first-time buyers. However, soon it might feel as … Continue reading “Game of Loans – is winter coming for homebuyers?”

Rishi Sunak announces Stamp Duty holiday

The Chancellor has granted a stamp duty land tax holiday to homebuyers in England and Northern Ireland with immediate effect. It means that buyers of homes valued at up to £500,000 will no longer pay any stamp duty on the purchase. In a bid to boost a housing market still in shock from the COVID-19 … Continue reading “Rishi Sunak announces Stamp Duty holiday”

Thousands of homebuyers lost deposits in property freeze

The property market shutdown earlier this year proved especially painful for buyers nearing completion. In a recent survey by Butterfield Mortgages of over 1,300 homeowners and would-be homebuyers, three in 10 buyers said they had lost their exchange deposit as a consequence, due to the shutdown taking place after contracts had been exchanged. If this … Continue reading “Thousands of homebuyers lost deposits in property freeze”