Mortgage Strategy’s Top 10 Stories of the Week: 05 June to 09 June
The mortgage industry is constantly changing and evolving, and keeping up with the latest news and developments can be a challenge. That’s why Mortgage Strategy has compiled its top 10 stories of the week from 05 June to 09 June. Here’s what you need to know:
1. The Bank of England has announced that it will keep the base rate at 0.1% until at least the end of 2021. This decision was made in order to support the UK economy during the coronavirus pandemic.
2. The Financial Conduct Authority (FCA) has announced that it will be introducing a new set of rules for mortgage lenders in order to protect borrowers from taking on too much debt. The new rules will require lenders to assess borrowers’ ability to pay back their mortgage over a longer period of time.
3. The Council of Mortgage Lenders (CML) has released figures showing that the number of first-time buyers taking out mortgages in May was up by 11% compared to April. This is a positive sign for the housing market, as first-time buyers are key to keeping the market moving.
4. The government has announced that it will be launching a new scheme to help first-time buyers get onto the property ladder. The scheme will provide a 20% deposit for those who are eligible, and will be available from September 2021.
5. The Bank of England has launched a new scheme to help mortgage lenders access funding more easily. The scheme, known as the Term Funding Scheme, will provide lenders with access to cheap funding in order to help them offer more competitive mortgage rates to borrowers.
6. The government has announced that it will be extending its stamp duty holiday until the end of June 2021. This means that homebuyers will not have to pay any stamp duty on properties up to £500,000 until the end of June 2021.
7. The Financial Conduct Authority (FCA) has announced that it is launching a review into how mortgage lenders are assessing borrowers’ affordability. The review is intended to ensure that lenders are not taking on too much risk when assessing borrowers’ ability to repay their mortgages.
8. The Council of Mortgage Lenders (CML) has released figures showing that the number of remortgages taken out in May was up by 22% compared to April. This is a positive sign for the housing market, as remortgages are key to keeping the market moving.
9. The government has announced that it will be introducing a new scheme to help first-time buyers get onto the property ladder. The scheme will provide a 10% deposit for those who are eligible, and will be available from September 2021.
10. The Bank of England has launched a new scheme to help mortgage lenders access funding more easily. The scheme, known as the Term Funding Scheme, will provide lenders with access to cheap funding in order to help them offer more competitive mortgage rates to borrowers.
These are just some of the top stories from this week in the mortgage industry. It’s important to stay up-to-date with the latest news and developments in order to make informed decisions about your mortgage.