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Key changes to second-home Stamp Duty: what you need to know
Rachel Reeves announced raises to Stamp Duty for second home/investment properties in her recent Budget. This overview outlines those changes and should help you work out how much you’ll need to save. Surcharge on second homes and investment properties As of October 31st, 2024, the Stamp Duty Land Tax (SDLT) surcharge on second homes and…
Budget 2024 reaction: first-time buyers are biggest losers
My first reaction to Rachel Reeves’ budget was disappointment. The few elements within it that concerned mortgages and housing inspired zero confidence. But it was also what Reeves didn’t mention that was disheartening for the mortgage industry. Now that I come to write the main points down, frustration guides my hand. The budget was a…
Mortgage repayment options following BoE Base Rate cut
On Thursday, Aug 1, the Bank of England cut the base rate of borrowing for the first time in over four years. It was a close call, with the MPC voting 5-4 in favour of the 0.25% cut, which now leaves the Base Rate at 5.0%. Nationwide had, for a select few borrowers, already breached…
The five main parties’ manifesto pledges for housing, #GE2024
So, here we are: a week away from a General Election that no one saw coming. Well, apart from a few government insiders, but the less said about that the better. Today, we’re looking at the imminent future of housing and property based on the five main parties’ manifesto pledges. True: it seems that anything…
One month on: has the Chancellor missed an open goal?
I wrote so much about the latest Spring Budget for our partners, I never got around to writing a post here. So, let’s amend that oversight right now. In fairness, we were expecting little from the Chancellor for the housing and mortgage markets. In that sense, he delivered. But, before we start pointing fingers, it’s…
Mortgage Quest: from a single room to a multi-brand business
When my firstborn entered the world, I decided to give up an international business career to spend more time in the UK with my young family. My first step was to earn my CeMap qualification and get full authorisation for Mortgage Quest Ltd. Thereafter, I took a role as a mortgage advisor with my brother’s…
CMA competition probe slams UK’s biggest housing developers
In recent blog posts, we’ve cited the lack of affordable housing as a key driver of keeping house prices high. But what if the insufficient building of new homes wasn’t entirely the Conservative government’s fault? What if the Competition and Markets Authority investigated new-build developers and found disturbing traits slowing down construction? Well, they did,…
Stick or twist: is now a good time to buy a property?
Tentative. That’s one word I’d use to describe the current housing market. And with good reason. Homeowners are stuck in limbo, waiting to see where interest rates and house prices are heading. Homemovers and first-time buyers are waiting to see if the predicted drop in house prices has plateaued. (it has!) Those looking to remortgage…
Is the Bank of Mum and Dad running low on funds?
Since 2016, Legal & General has been tracking ‘family lending’. In other words, homebuyers getting support from the Bank of Mum & Dad to get onto the property ladder. The ‘bank’ definition has changed since the survey began, though. Rising house prices and deposits coupled with stagnating wages have forced first-time buyers to look beyond…
When did homeowner protection cover become such a luxury?
Almost two-thirds of homeowners have life cover in place. That more than a third doesn’t is shocking enough. But, when you see how few have critical illness cover in place, you truly appreciate how vulnerable the uninsured are. And, let’s face it, the nation’s collective health is only going one way: down the pan. So,…
A perfect storm: factors impacting your 2024 mortgage rate
Last month, on UK Business Forums, I suggested that: In December, “[Core inflation] remained at 5.1% and, on its own, might have given the [bank’s] Monetary Policy Committee pause for thought before they meet again on February 1st. “That neither rate of [UK] inflation dipped in December may well be enough to convince the MPC…
Are 99% mortgages for first-time buyers going to work?
It’s been a long time since we’ve seen 99% mortgages. Like many types of mortgage borrowing, the financial crisis put paid to such low-deposit finance. But now, Jeremy Hunt is considering bringing back 1% deposit home loans in the Spring budget. The decision has divided financial commentators. Some warn of instant negative equity. Others say…
No more 2% deals, but New Year mortgage rates show promise
Since July 2023, UK mortgage rates have been steadily falling. They’ve now reached their lowest level since Liz Truss’s 2022 mini-budget. During the first week of 2024, the downward trend in rates has escalated. We’ve seen eye-catching cuts in mortgage rates as lenders enter a price war to finally give borrowers some New Year cheer.…
