Published: 05/05/2021The main mortgage market news is that lender rates have reduced in the first quarter of 2021 and as the UK looks to move out of lockdown the cost of borrowing has reduced.
The Stamp Duty holiday has been extended to the end of June. This means for example that no stamp duty is paid on purchases up to £500,000 in England and Northern Ireland. Standard rates of stamp duty will return in October. From July to September a tapered amount of stamp duty will apply up to £250,000.
From April 2021 the UK wide mortgage guarantee scheme, announced in the March 2021 budget commences.
It is applicable for first time buyers and also homemovers. It applies to all properties under £600,000 and will open up 5% deposit mortgages for those wanting to get their first or next residential property.
For further information on mortgages contact your local branch where we will be happy to help you.