< Back to blog

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!

< Back to blog

Connect with us

Recent Posts

Clean-up operation

Why not take some time to get your house in order The decorations are long gone, the tree is decomposing in the back garden, and you’re still finding fiddly remnants embedded in the carpet. While your on your knees, have a quick look at the skirting boards: were they really always that dusty? And where …

Read more...

New Help to Buy Scheme is up and running

Homes England has announced that first-time buyers can now apply for the new Help to Buy Equity Loan Scheme   The Help to Buy scheme has been around for a while now, however, from the 16th December last year, the new Help to Buy: Equity Loan scheme has been open for applications from first-time buyers …

Read more...

The beloved annual tradition.

Robert Burns is a national icon and beloved Scottish hero, but do you know why? Poetry is far from dead, and so is Scottish tradition, especially when it comes to this poet who forever changed nations’, ways of thinking. Once the magical Christmas dust has settled, and the New Year’s celebratory confetti has finally fallen …

Read more...

Figures show healthy start to year for property market

Online giant pinpoints reasons for upsurge hours after hopes to extend Stamp Duty deadline hit a snag   Latest figures show the property market has made a buoyant start to the new year – thanks to the Stamp Duty holiday, virtual viewings and other innovative ways estate agents are helping buyers and renters. Rightmove, the …

Read more...

Low-deposit mortgages return

  A four-fold rise in mortgage products for homeowners with a 10% deposit   Since last summer there has been a four-fold increase in low-deposit mortgage products available. The low-deposit mortgage products, which offer deposits as low as 10%, will offer some relief to first-time buyers.   Last September there were only 44 mortgage products …

Read more...