News on Mortgages and cost of living crisis

You may have seen a number of headlines over the past weeks around mortgages and interest rates. Despite the headlines about rate rises and shortage of mortgages, there are a significant number of mortgage products available and more and more products are being brought back to the market albeit the pricing may look different.

All this is because lenders are repricing their products in line with the changing interest rate. There are also changes in they way they calculate how much you could borrow.

This is something that happens continuously in the mortgage market, and it means we’re well placed to support you with all your financial advice requirements during these ever-changing circumstances.

Martin Lewis* shared some useful advice about what mortgage customers should do next:

“If you're serious, speak to a broker - they're currently more important than ever. Lenders' acceptance criteria differ from one to the next, plus they're subject to change - something that's been done at short notice in reaction to the cost of living crisis. For example, one lender might include overtime or commission in your income assessment, and another might only count your base salary.

To navigate the maze , we strongly suggest you use a mortgage broker. They do the 'finding a deal' work for you and have details of most lenders' acceptance criteria, which aren't easily obtainable by the public, plus many deals (even some product transfers) that can only be accessed via brokers.”

As always, we are available should you need any support or advice on your finances and insurance.

If you would like to talk with one of our advisers, contact us on 01538807101 or office@grnfinancialservices.co.uk

*Source – Money Saving Expert’s Weekly Money Tips dated 28 September 2022

Information contained within the blogs was correct at time of publication but is subject to change.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Stamp Duty Tax changes - help for buyers!

The Chancellor has announced support for Home Buyers!

In the recent Mini Budget, Lord Chancellor announced a cut to Stamp Duty Land Tax, which is a tax paid on property purchase. The cut raises the threshold of how much a property has to cost before stamp duty is paid to £250,000.

First time buyers will have no tax to pay for properties priced up to £425000. They will be able to claim relief on properties worth up to £625000.

This change will help many home buyers across the country

If you need help with house buying process, contact us and we will be happy to assist you.

Information contained within the blogs was correct at time of publication but is subject to change.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Help to Buy Equity Loan - First Time Buyers!

Final dates to remember as Help to Buy scheme is ending soon!

Help to Buy Equity Loan scheme has helped many first-time buyers recently get on to the property ladder and move into new homes.

The scheme is ending soon though and so far, the Government has not come up with any idea to extend it or replace it with a similar programme. There are other support schemes for buyers however this one has 3 significant dates to remember now:

• 31 October 2022 is the final day to reserve a new build and submit application to Help to Buy Agent

• 31 December 2022 is the final day to complete build of the property. It must be completed to a condition ready to move in.

• 31 March 2023, is the final day for legal completion.

These dates are very important and cannot be missed or else the buyer may no longer qualify to use Help to Buy Scheme.

If you know anyone who is thinking of buying a newbuild property with Help to Buy Programme, let them know!

*We are a registered broker to assist mortgage applications with the use of Government Programmes, including Help to Buy so if you have any questions, do let us know.

Information contained within the blogs was correct at time of publication but is subject to change.

Your home may be repossessed if you do not keep up repayments on your mortgage.