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Stamp Duty Holiday and your mortgage Posted On 15 July 2020

The effects of the Stamp Duty Holiday are starting to show, with new options emerging for your mortgage.

 

When Rishi Sunak announced the Stamp Duty Holiday last week, the hope was that this would kick-start the property market. It seems to have worked. Almost immediately, a major property portal reported a 22 per cent increase in activity. In fact, June is looking to be a record month for the property market.

 

Many lenders are already facing the challenge of dealing with overwhelming demand and Nationwide are now lending up to 90 per cent LTV for first-time buyers. The surge of interest comes from the fact that nine out of ten first-time buyers (FTBs) are still planning on going ahead with their purchase.

 

Even better for vendors and the property market, many first-time buyers are now in a stronger position than before the crisis. With costs saved on commuting to work, amongst other savings, FTBs have been able to increase the size of their deposits. This combined with the Stamp Duty Holiday, some FTBs have even been able to bring their plans forward.

 

With the increase in FTBs actively looking, this is good news for vendors taking the next step on the property ladder themselves. The more buyers out there, the better the chance of receiving asking price or above. This confidence will then bring more people to the market and so on and so forth.…

 

This increase will lead to lenders increasing the number of products available, and also will lead to more competitive and innovative products. Barclays was one of the first to introduce a new range of mortgages on offer, reducing some fees, while also launching Reward deals.

 

With the benefits on offer, in the form of the Stamp Duty Holiday and new mortgage products, now appears to be the perfect time to make the move…

 

For advice regarding selling, buying and your mortgage, contact our team today!

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