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.
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?
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?
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 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.
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?