On 17 November the FCA confirmed guidance for homeowners struggling financially due to coronavirus. The mortgage payment holidays scheme, first announced in March and then extended in May, has been further extended until 31 March 2021. How does it work? Those who have not yet had a payment holiday will be eligible for payment holidays …
If you’re thinking of building your own home, financing the project may be high on your list of priorities. Self-build mortgages are different from normal mortgages. They release funds at stages during the building work, rather than in one lump sum when you complete a property purchase. Some lenders also extend a loan to help …
What you need to know about self-build mortgages Read More »
For many younger people struggling to get a foot on the property ladder, the Bank of Mum and Dad is the only option. With rent taking a huge chunk out of their income and the requirement for increasingly onerous deposits, two in five renters do not believe they will ever be in a position to …
Buying a home takes careful preparation and planning. As well as finding a property you like, you need to get your finances in good order before lenders review them and assess your ability to make repayments on your loan. Save upDuring the recent lockdown, many lenders pulled their ‘high loan-to-value (LTV)’ products which typically only require …
On 17 March 2020, as the country teetered on the brink of lockdown, the Chancellor announced that homeowners struggling financially due to coronavirus would be able to take a three-month mortgage payment holiday. What does this mean for me?The extended application deadline now coincides with the end of the furlough scheme. This means, if your …
Purchasing a property can be a busy, stressful time and it can seem like there are a million things to remember. Some things however, are more important to remember than others – for example, getting the right insurance in place at the right time. Many people believe that they only need to take out buildings …
Back in March, the Bank of England slashed interest rates to an all-time low of 0.1%, in a bid to alleviate the severe economic pressure caused by coronavirus. As the base rate cut fed through to mortgage rates and with the continuing pressure of a closed mortgage market, lenders responded by withdrawing mortgage offers, increasing …
The Chancellor’s announcement back in March, offering 3-month mortgage payment holidays for homeowners experiencing financial difficulties due to COVID-19, came as welcome news to many people. Mortgage lenders agreed with the Treasury that any customers who are in ‘difficulty’ will be eligible. Initial uptakeRecent data has revealed over 1.2 million mortgage payment holidays have been …
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