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How will the Stamp Duty cut help First Time Buyers?

In the November Budget, the Chancellor announced that Stamp Duty will be scrapped for First Time Buyers purchasing properties with a value of less than £300,000. He claimed that this move will cut the Stamp Duty tax for 95% of First Time Buyers and abolish it for 80%*. What this means for First Time Buyers Adam Nanson from Your Mortgage Expert comments: “Because these new changes come into force with immediate effect, we’ve already had clients who have completed on purchases who have saved money. How much First Time Buyers will save will obviously vary depending on the value of the house they are purchasing. But, the Chancellor has predicted that the average First Time Buyer will save about £1,700 in Stamp Duty**. “And, for houses valued at £300,000, First Time Buyers will save £5,000 on the tax they would have paid on Stamp Duty. This will mean that, for those struggling to pull together enough deposit, this money ear-marked for Stamp Duty could now be diverted into a deposit instead.” How Your Mortgage Expert can help Adam Nanson continues: “For First Time Buyers, one of the biggest barriers to purchase is often affordability, so anything that helps with this is a great thing. If you’re looking to buy your first home and you’re not sure how much you can afford, then it can really help to speak to an independent mortgage broker like Your Mortgage Expert. “We will sit down with you and go through your income, expenditure and clearly go through all the costs associated with purchasing a home to establish your financial situation. We will also break down all the jargon, so you understand exactly what is involved with applying for a mortgage and take away the hassle and administration from you.” If you are interested in applying for a mortgage, why not speak to Your Mortgage Expert? We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK. Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you. The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683. A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Please note, by clicking on the link below you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site. *Source: http://www.independent.co.uk/news/uk/politics/budget-2017-stamp-duty-first-time-buyers-housing-market-property-300000-tax-a8069546.html **Source: http://www.bbc.co.uk/news/business-42095146

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House prices bounce back

Latest findings from the Nationwide house price index show that UK house prices have bounced back in June. This follows three months where house prices fell slightly. The latest Nationwide index reveals that, in June, house prices grew by 1.1% on the previous month, while annual house prices rose by 3.1% taking the average house price to £211,301*. (more…)

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Mortgage lending remains strong

Latest figures from the Bank of England have showed that mortgage lending during recent months has remained robust. In fact, during May, mortgage lending was £3.5 billion which is slightly higher than its recent average. The figures show that the number of mortgage approvals for house purchases was pretty much static at 65,502. However, growth has come from the remortgage market with approvals increasing slightly to 42,955*. (more…)

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Bank of Mum and Dad to fund 26% of mortgage payments in 2017

According to latest figures from Legal and General, Bank of Mum and Dad will stump up the cash for over a quarter of mortgage payments in 2017. The figures predict that parents will fund £6.7bn worth of money to help pay their child’s mortgage deposit. Making parents as important as the top 9th mortgage lender in the UK*. (more…)

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Contractors and self employed struggle to get a mortgage

Latest research from Accord has found that contractors and self employed struggle to get a mortgage. Their research showed that 22% of contractors and self employed workers believe it would be easier for them to secure a mortgage if they were employed full-time. This was reported on the Mortgage Strategy website on 28th November*. (more…)

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1 in 8 rejected when applying for self-employed mortgage

According to research from the Nottingham Building Society, almost 1 in 8 self-employed people have been rejected when applying for a mortgage. This is despite nearly half (48%) earning about the same or more than in their previous employed position. This news about self-employed mortgages was reported on the What Mortgage website on 4th October 2016. (more…)

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Property prices to rise 3.3% a year

According to the Royal Institute of Chartered Surveyors, UK property prices will rise by an average of 3.3% a year for the next five years. This is despite concerns over the housing market following Brexit. The report also found that market activity picked up again during August following five months of decline before and immediately after the Brexit vote. This was reported in September on the Yahoo website*. (more…)

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