Government launches 95% mortgage guarantee scheme
The government-backed 95% mortgage guarantee scheme, originally announced in the Budget, was launched on 19 April, aiming to help first-time buyers or homeowners obtain a mortgage with a 5% deposit to buy a property of up to £600,000. The scheme offers lenders the guarantee they need to provide 95% mortgages and is subject to other affordability and credit checks as usual. There are currently five high street lenders offering mortgages under the scheme: Lloyds, Santander, Barclays, HSBC and NatWest. Virgin Money is due to follow next month. Some other lenders, such as Accord, had already returned to 95% mortgages without using the scheme…..
Spring sees the busiest ever housing market
Growing optimism due to the vaccine rollout, the return of low-deposit mortgages and the Stamp Duty holiday extension for England and Wales, have contributed to make this spring the best time to be a property seller in a decade, according to property website Rightmove. The online property portal reported a record 9.3 million visits on one day (7 April), with visitors spending more than two billion minutes on the website in March. There is now the greatest ever excess of demand over supply. Despite record numbers of prospective buyers and prices increasing, buyers do not appear to be deterred, with properties selling in an average of 45 days in the first two weeks of April. Property expert at Rightmove, Tim Bannister, expects a strong market for the rest of the year, “Housing market activity remains high in Scotland, where there has been no extension to the Land and Buildings Transaction Tax holiday, which has now come to an end. This suggests that the same could happen when the tax holidays start to come to an end in England and Wales.”