Major lender to pay first-buyers’ stamp duty

First-time buyers spend years struggling to save enough for a house deposit and often the stamp duty tax is a step too far. A new mortgage giving prospective home buyers a helping hand has just been launched by a major lender and as a result, another barrier to owning your first home has been lifted.

This new mortgage deal will be welcome news to first-time buyers who have found it difficult to get their foot on the property ladder due to soaring property prices and the high cost of stamp duty.

An exciting fee-free cashback offer, Barclays has launched the Homebuyer Cashback Mortgage which helps first-time buyers to recover the cost of stamp duty on their new purchase. Moreover, buyers will also have the flexibility to spend the cashback in any way they choose as the payment is made direct to their bank.

Borrowers will need to save a 20% deposit to qualify for the five year fixed rate deal with a rate of 2.69%. Full stamp duty cost will be covered on properties up to £250,000 and properties above this value, up to £500,000, will receive £2500 as a contribution to stamp duty costs.

Other banks have cashback offers but currently none are paying as much as Barclays. However, there are alternative deals on the market with lower cashback offers and lower rates so it’s important that all options and costs are considered.

Do your research or speak to your mortgage advisor to ensure you get the most suitable, cost effective option for you.

Posted in First Time Buyers, Mortgages

Still on the up: house prices rise fastest in the East of England

If you own a house in the East of England, the good news is it could be worth considerably more than it did one year ago. According to the latest figures published by the National Office of Statistics, annual growth in house prices in the region rose by 13.3% in the year to August 2016, outperforming the South East at 12.2% and London at 12.1%.

The  UK House Price Index showed that growth was strong across the country, with average house prices increasing by 8.4% compared to 8.0% in the year to July 2016. That means, across the UK, the average house will set you back £218,964.

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Posted in High Net Worth, Market Watch, Uncategorized

As borrowing drops in July, is this the start of Brexit blues?

It’s now nearly three months from the shock result of UK to leave the EU. We’ve been told that “Brexit means Brexit”, but for the time being, nobody seems to know exactly what will happen next – politically or economically.

In terms of property, such uncertainty breeds uncertainty – and borrowing has dropped considerably. According to data from the Council of Mortgage Lenders, total borrowing by house owners was £10.6 billion in July 2016 – down 13% compared to the previous month and a 12%.drop compared to the previous year. At 58,100, the total number of loans taken out by homeowners was also down 14% month on month and 13% year on year. First-time buying also took a hit – down 19% month on month and 6% lower than June 2015.

So should we be worried about a slowdown? A drop in borrowing can suggest a cooling off in the market, but there may be factors other than the referendum result at play here.

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Posted in Market Watch, Mortgages, Remortgaging, Uncategorized

Location, location, location: where’s best at what age?

Have you ever wondered about retiring somewhere different? Or what place might be the best to bring up the kids? According to two recent surveys, for family life the East of England comes out top, but for retirement you might want to look West or South.

uSwitch.com has just published its first ever Better Family Life Index and the top three areas are all located in the East of England: Hertfordshire, Cambridgeshire and Central Bedfordshire.

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Posted in Market Watch, News, Uncategorized

Fancy a seven-year fix?

Amidst all the turmoil of the last few months and what it all means for our economic futures, it’s good to know that you can count on certain things.

So that’s why I was interested to hear about Coventry Building Society launching a new seven-year fixed rate interest rate of 1.99%. But to get that eye-turning rate, you’ll need a substantial 50% deposit and there is an arrangement fee of £999. This fixed rate reverts to the Privilege Rate for the remainder of the mortgage, currently 4.24%.

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Posted in Mortgages, Uncategorized