Whilst recent changes to the stamp duty threshold has led to a growing number of people looking to make the most of the tax break and make a property purchase, there are a number of points to consider before applying for a mortgage.
UK mortgage approvals have risen to the highest level in 13 years, driven by the government’s stamp duty holiday and buyers reassessing their living situation during the coronavirus pandemic.
Buying a property is never straight forward and even seasoned property professionals will run into an unexpected hurdle at some point. For first-time buyers, especially in the current climate, the property buying process can be utterly baffling.
Mortgage payment holidays are being extended for homeowners financially affected by the pandemic.
The scheme had been due to come to an end on Saturday.
Mortgage, credit card and loan schemes are finishing, but help is available
Figures covering England, Scotland and Wales show problems of getting on housing ladder
First-time buyers face significant hurdles and high interest rates in their search for a home
First-time buyers taking out a mortgage have seen monthly repayments rise by up to £140 during the coronavirus crisis, after nervous lenders hiked rates to a five-year high.
But commitment by Boris Johnson to introduce fixed-rate long-term mortgages for FTBs gets mixed response from industry.
Desire for more space on back of Covid homeworking fuels housing market, says Halifax
Nearly half of first-time buyers say their home buying plans have been delayed. One in five says they had to pull out of buying a property due to lockdown. This comes as the property market booms for movers with bigger deposits.
Mortgage borrowers dealt another blow after two major banks restrict lending. Barclays limits loans to just 4.49 times someone's income. NatWest also quietly reduces the amount some customers can borrow .
A buyer of an average-priced UK home must put down minimum deposit of £33,000
Legal & General Mortgage Club has raised concerns about the widening gap between supply and demand after the lockdown period.
One in four people (25%) plan to buy a home in 2020, with a further 28% saying they are considering a property purchase this year.
Bank of England is considering pros and cons of drastic move as Covid-19 weighs on economy
Low-deposit home loans are coming back … but choices are limited and lenders are applying new terms and conditions
MPs are calling on the government to step in and help more than 170,000 "mortgage prisoners" who are trapped on high interest rates.
Society reverses June decision following announcement of tax holiday on certain homes
"At the start of the Covid-19 pandemic, my revenue stream evaporated in six days," says Sara Taylor.
Ms Taylor runs an events management company. It's been voted the worst industry to be working in during 2020 by the website Reddit, because of the impact of the lockdown.
Figures drop to lowest rate since at least the early 1990s, says Bank of England
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