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Mortgage payment holidays have been extended to July 2021

Mortgage payment holidays for homeowners whose finances have been impacted by coronavirus have been extended until the end of July 2021. Lenders also have a range of other support measures in place to help homeowners through this difficult time. If you’re struggling to meet your monthly mortgage repayments or think you may do so in future, don’t panic. Instead, get in touch with your mortgage advisor or lender as soon as possible to discuss your options.

Top 6 considerations when arranging finance for your portfolio

Arranging the right finance is a key element to any successful property investment, but it can also be a tough task. There is no one perfect product that is right for everyone. Indeed, there are hundreds of lenders and thousands of products. Each lender has its own criteria and pricing, and changes these on a regular basis depending on its own risk appetite – so, how can you identify the best of these for your individual circumstances, which will also change frequently?

Industry Insight – Summer houses – an option for ‘year round’ homeworking

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.

New 12-month reduced payment plan launches for households affected by Covid-19

People who have accumulated debts as a result of Covid-19 can now register with StepChange Debt Charity to gain access to a new short-term payment plan. StepChange estimates that among those who have seen their finances affected by coronavirus, nearly two million were not in financial difficulty before the pandemic but are now in a situation where they cannot meet their full contractual commitments.

Industry Insight – Multigenerational living is on the rise

As we gradually edge towards a post-pandemic era, we’ve all been forced to think differently – no more so than how and where we live. During lockdown we saw numerous examples of families moving in together to share resources and save money; care for older generations or sick family members and isolating together so face to face human contact could be maintained. The question is, could this become a more permanent arrangement?

Property Taxation

In light of the recent increased interest in property purchase, this article serves as a reminder of some of the important recent tax changes that affect how residential property and associated finance is taxed from 6 April 2020. It also considers any implications that arise out of the COVID-19 crisis.

The Bank of Mum and Dad

The Bank of Mum and Dad will be a driving force behind the recovery of Britain’s housing market as buyers struggle with the economic impact of the COVID-19 crisis, new research from Legal & General and Cebr shows. Nearly one in four housing transactions (23%) will be backed by ‘BoMaD’ in 2020, with a quarter (24%) of borrowers now more reliant on financial support from family and friends.

How has COVID-19 impacted underwriting?

According to the Bank of England, the number of mortgage approvals for house purchase fell to just 9,300 in May, down from around 15,800 in April, and almost 90% below the level in February. Consequently, there has been speculation about the approach that lenders are taking when it comes to underwriting cases. So, what is the truth in how COVID-19 has impacted underwriting?