Mortgage Strategy’s Top 10 Stories of the Week: 24 July to 28 July

Mortgage Strategy's Top 10 Stories of the Week: 24 July to 28 July

The world of mortgages is constantly changing, and it can be difficult to keep up with all the news and developments. That’s why Mortgage Strategy has put together a list of the top 10 stories of the week from 24 July to 28 July. Here’s what you need to know:

1. The Bank of England has announced a new mortgage guarantee scheme to help people buy homes with a 5% deposit. The scheme will be available from April 2021 and is designed to help first-time buyers and those with smaller deposits get on the property ladder.

2. The Financial Conduct Authority has launched a consultation on its proposed changes to the mortgage market review. The changes are designed to make it easier for people to get a mortgage and reduce the risk of borrowers taking on too much debt.

3. The UK government has announced a new Help to Buy scheme, which will provide up to £3,000 for homebuyers who are struggling to save for a deposit. The scheme is aimed at helping first-time buyers and those with lower incomes get onto the property ladder.

4. The Council of Mortgage Lenders has released figures showing that mortgage lending in the UK increased by 11% in June compared to the same month last year. This is the highest level of lending since October 2008.

5. The Bank of England has announced that it will keep interest rates at their current level until at least 2024. This is good news for borrowers as it means that mortgage rates are likely to remain low for the foreseeable future.

6. The UK government has announced plans to introduce a new ‘mortgage rescue’ scheme, which will provide up to £100,000 in financial support for homeowners who are struggling to pay their mortgage due to coronavirus-related financial difficulties.

7. The Financial Conduct Authority has published new rules which will make it easier for people to switch mortgages and get a better deal. The rules will come into effect from 1 October 2020 and will make it easier for people to compare mortgages and switch lenders if they find a better deal.

8. The Bank of England has announced that it will extend its Covid-19 corporate financing facility until the end of 2021. This is good news for lenders as it means they will have access to cheap funding for longer, which should help keep mortgage rates low.

9. The UK government has announced plans to introduce a new ‘mortgage payment holiday’ scheme, which will allow borrowers who are struggling financially due to coronavirus to pause their mortgage payments for up to six months without penalty.

10. The Financial Conduct Authority has announced that it will be introducing new rules which will make it easier for people to switch mortgages and get a better deal. The rules will come into effect from 1 October 2020 and will make it easier for people to compare mortgages and switch lenders if they find a better deal.

These are just some of the top stories from the world of mortgages this week. It’s important to stay informed about the latest developments in the mortgage market so you can make the best decisions for your finances.

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