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Yorkmoneyman Spring Budget 2021 Update

Rishi Sunak’s second Budget as Chancellor brought two pieces of welcome news for the property sector as the Government attempts to transform “Generation Rent” into “Generation Buy” to help stimulate the UK economy, namely the new 95% Mortgage Guarantee and an extension of the Stamp Duty Holiday.

95% Mortgage Guarantee

The name of this scheme is misleading as not everyone that applies is guaranteed to be offered a mortgage, it is still subject to affordability and credit score. The “guarantee” itself is that the Government will ensure Lenders don’t stand a loss if they grant a 95% mortgage to a customer who then subsequently falls into arrears and is repossessed leaving behind negative equity.

This scheme should in theory give Lenders more confidence to lend even though the applicant only has a smaller deposit to put down. Of course, Lenders never want to repossess someone’s home unless it is the last resort, but if that happens then the new scheme would cover any shortfall.

Lenders have been worried about the prospect of home values decreasing so this measure should alleviate that concern although of course, the chances of negative equity occurring will naturally reduce should property prices increase as a result of these announcements!

The scheme is available to both 1st Time Buyers and Home Movers, it’s available on any property (not just new build) and will run until December 2022. Some major High Street Banks have already signed up to the scheme and it’s likely more will follow later on. It’s still a big challenge for Lenders to cope with the demand they are getting for mortgages due to the difficulties training and supervising staff working from home but they will want to offer as many of these mortgages as they can.

Stamp Duty Holiday Extension

When the Stamp Duty Holiday was launched last year we all hoped life would be very much back to normal by the cut-off date of 31st March 2021 but things didn’t pan out that way as we know. Solicitors are struggling to keep up with the workload and if lots of chains had collapsed then it would have partly defeated the object of the exercise.

Therefore it was good to hear the scheme has been extended to 30th June for purchases up to £500,000 and 30th September for purchases up to £250,000.

The Government certainly sees the property sector as an area that can play a big part in our economic recovery and if you are looking to buy a home or remortgage this year please reach out and we will be happy to advise you.

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Why Speak to a Mortgage Advisor in York?

Providing Mortgage Advice in York for over 20 years

Whether you are new to this game or have played it before, we still highly recommend that you get Mortgage Advice in York.

We include all the different types of mortgage scenarios in York, no matter what your situation, we are determined to try and assist you!

We would love to help You! Anyone who needs Mortgage Advice in York, know that your expert Mortgage Broker will be available. Get in touch for a free mortgage consultation today.

First-Time Buyer Mortgage Advice in York

Taking that first step up the property ladder can often prove challenging, particularly if you don’t know where to start! Your expert Mortgage Broker in York is here to provide you with a helping hand and will be at your side each step of the way.

Yorkmoneyman will search through thousands of mortgage deals in your best interests to attempt to find the perfect one for you.

Save you time and your money, we have been in the broker industry for 20 years and giving loads of expert First-Buyer Mortgage Advice in York.

Remortgage Advice in York

So, you are getting closer to the end of your current mortgage term, and you need to leap onto another deal. However, you are trying to find competitive deals. Not a problem, we are here to help!

We have a large variety of lenders to hand that we can access to find your perfect deal. We want to try and save you money, and that is why we will search through thousands of deals to try and find one that is better than yours.

The majority of the time, we can find a better deal too, why not consider Remortgage Advice in York in York today!

Moving Home Mortgage Advice in York

Are you at the thought of moving on from your current Home? Want to take an additional step up the property ladder? Getting Moving Home Mortgage Advice in York could be your best choice.

We help hundreds of home movers every single year; you could be next! We believe that Moving Home is comfortable with your expert Mortgage Advisor in York.

Buy to Let Mortgage Advice in York

Whether you are an on-going landlord in search of a new Buy-to-Let Mortgage in York or an aspiring landlord looking to get into the world of Buy to Lets, we are sure that you will be able to benefit from our service.

As a Mortgage Broker in York, we have worked with hundreds of Buy to Let landlords, and we would love to help you too. Get in touch for a free Buy to Let mortgage consultation.

Specialist Mortgage Advice in York

Got a slightly complicated mortgage situation? Need expert Specialist Mortgage Advice in York? If so, do not hesitate to get in touch, even if you think that your problem is too complicated! We have probably dealt with a similar or if not, the same situation before.

If you come across a bump in the road. Do not be afraid to contact us and claim your free mortgage consultation.

Self Employed Mortgage Advice in York

We know that it can be hard being Self-Employed in York whilst trying to get a mortgage. That is why we are offering a friendly helping hand!

Your Self Employed Mortgage Advisor in York is available from 8 am-10 pm, seven days a week to answer any questions that you may have. Do not hesitate to get in touch, and we are more than happy to try and help.

Help to Buy Mortgage Advice in York

Choosing the right Help-to-Buy scheme in York can be tricky, especially if you don’t even know how to qualify for them.

Each one is unique in their way, so to get a full outline of each one, it may be within your best interests to speak to an expert Help to Buy Mortgage Advisor in York.

We offer a free Help to Buy mortgage consultation to all customers remember. If you are interested in this route, do not be afraid to get in touch.

Right to Buy Mortgage Advice in York

Do you want to find out whether you have the Right to Buy your council home in York? We can help with that!

Speak to a Right-to-Buy Mortgage Advisor in York today. They will check if you qualify for the Right to Buy scheme.

Yorkmoneyman.com & Yorkmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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