Mortgage Strategy’s top 10 stories of the week from 24 April to 28 April provide an in-depth look at the latest news and developments in the mortgage industry. From discussions on the impact of the stamp duty holiday extension to the latest on the government’s mortgage guarantee scheme, this week’s top stories offer a comprehensive overview of the current state of the mortgage market.
First up, the stamp duty holiday extension was a major topic of discussion this week. The government recently announced that it would extend the stamp duty holiday until 30 June 2021, giving buyers more time to take advantage of the tax break. This news was welcomed by many in the industry, as it could help to boost the housing market and provide a much-needed boost to the economy.
The government’s mortgage guarantee scheme was also a hot topic this week. The scheme, which was announced in March, is designed to help first-time buyers and existing homeowners purchase a property with a deposit of just 5%. This could be a great opportunity for those who are looking to get onto the property ladder but don’t have enough saved for a large deposit.
The Bank of England also released its latest Financial Stability Report this week. The report highlighted that while the UK economy is showing signs of recovery, there are still risks to consider. The report noted that the mortgage market is particularly vulnerable to any further economic shocks, and that lenders should remain cautious when offering mortgages.
The Financial Conduct Authority (FCA) also released its latest Mortgage Market Update this week. The report showed that mortgage lending had increased in March, with more people taking advantage of the stamp duty holiday. However, the report also noted that lenders were becoming increasingly cautious in their lending practices, with more stringent affordability checks being put in place.
Finally, this week saw the launch of a new online tool from the Money Advice Service. The tool is designed to help first-time buyers understand their options when it comes to getting a mortgage. It provides information on different types of mortgages, as well as advice on how to compare different lenders and products.
Overall, this week’s top stories provide an interesting insight into the current state of the mortgage industry. From discussions on the stamp duty holiday extension to updates on the government’s mortgage guarantee scheme, it’s clear that there are plenty of developments taking place in the sector. With more people looking to get onto the property ladder, it will be interesting to see how these changes affect the market in the coming months.