With New Year resolutions made, many in the UK will be looking ahead having firmly shut the door on 2020. Despite a particularly difficult year generally, and with our current lockdown status in force; on a social and an economic level, those serving the mortgage industry can still look to the future with optimism.
Extending the stamp duty holiday could be fiscally positive for the UK treasury, according to research commissioned by Kensington Mortgages. Retaining the threshold for paying Stamp Duty Land Tax (SDLT) at its current level of £500,000 would provide new tax revenues – generated by higher transaction volumes, increased property prices, household consumption, and housing market activity – ranging between £2.3 and £4.1 billion. According to analysis by the Centre for Economics and Business Research (Cebr), in the upper bound estimate this would lead to a fiscal surplus of £139 million.
Have you attended a webinar this year? Studies show that you probably have and that higher attendance rates will likely extend beyond this year. A webinar is a web-based seminar or lecture on a particular topic, often hosted live and with the ability for attendees to ask questions at the end. So why should brokers be hopping on the webinar train?
Jon Cooper, head of mortgage distribution at Aldermore, discusses our recent 90% LTV trial and how we plan to re-enter this important sector.
With COVID-19 restrictions continuing to be part of everyday life, thousands of employees have remained working from home. During the first lockdown back in March many of us were operating from a corner of the living room, the kitchen table or the spare bedroom but as restrictions have continued, home working has become increasingly sophisticated. With more people looking to create a dedicated workspace at home, building a ‘summer house’ separate from the main residence is becoming a popular option. So what opportunities does this create for mortgage intermediaries?
COVID-19 has negatively affected life in the UK more than any other scenario since World War Two: our health and well-being; free movement; the opportunity to see loved ones; financial stability; job security and how we live are just a few examples. Despite these setbacks, many believe there is reason for optimism and that new, positive situations will emerge.
The government has announced that not only will there be a new Help to Buy scheme in place next year, but there will also be an extension to the current scheme due to delays caused by Covid-19. To help you navigate the next few months and provide clarity for your clients, we’ve put together answers for the 10 most-asked questions regarding both the extension of the current scheme and the introduction of the new one.
While the world is still focused on the global pandemic, there is a reluctance to entertain the idea of overseas travel both now and continuing into 2021. This has dramatically driven demand for UK holiday accommodation and Harpenden Building Society have noticed a steep increase into enquiries for holiday lets. While independent properties are still very popular, there has also been renewed interest in primary residences that feature outbuildings or annexes that can be used as holiday lets on the main owner’s property.
The industry has been hard-pressed to adapt to the challenges of social distancing and lockdown. Buying a property means travel and visiting, not just for the purchasers but also the other parties involved such as agents, valuers and surveyors. While the property market has gradually begun to rebound, a great deal of uncertainty still remains.
The Chancellor recently announced an extension of measures to help support business’s from the effects of Covid-19. But what are the latest updates and workings of the current government schemes?
Commission disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive commission from them after completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
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