Mortgages for Older borrowers

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One of our building society contacts reminds us that they have residential mortgage products for older applicants including

  • Repayment and interest only
  • Repayment plan may be downsizing (or not, as the case may be)
  • Applicants up to age 85

All subject to criteria of course, but possibly better than equity release for some people.

Stamp Duty Land Tax Incentive

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On 8th of July 2020 the Chancellor announced a Stamp Duty Land Tax Incentive (a Stamp Duty ‘Holiday’ on the first £500k of the purchase price) on all residential property until 31st of March 2021.

Although, at the time of writing the deadline is still 4 months away we recommend anyone hoping take advantage to act soon and to bear in mind some things may delay a speedy completion of your purchase. ibmco will of course do all it can to expedite mortgage applications and avoid delays from lenders but the below are largely outside our control, hence the advice not to leave your purchase to the last minute:

  • Valuations may be slower than normal at present
  • Solicitors offices are affected by Coronavirus rules and with many solicitors working from home their service may not be as efficient as normal
  • Local land registry searches can hold up the process. There is a big variation in turnaround times depending where your property is. To check current times for your area you can use the following website:

https://www.searchflow.co.uk/news-and-events/local-authority-turnaround-time-increases/

Of course there is also likely to be a ‘log-jam’ of purchases jostling for completion as 31st March 2021 approaches.

Finance for Holiday Lets

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Amid continuing interest in the Holiday Let market, we received a reminder today from one of our Building Society contacts of their appetite for Holiday Let mortgages, including properties to be occupied by the borrower for part of the year let for the remainder. Air BnBs and applications from ex-pats are also considered for Holiday Let applications.

Green Homes Grant for Homeowners and Landlords

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Homeowners and Residential Landlords in England can now apply for a Green Homes Grant voucher towards the cost of installing energy efficient improvements to their properties. Rules apply, but  under the scheme the Government will potentially contribute up to £5,000 to cover two-thirds of the cost of eligible improvements, with the property owner contributing the remaining third. Vouchers must be redeemed and improvements completed by 31 March 2022.