Mortgage News

30th July 2021

Mortgage News At White & Sons we work very closely with a mortgage specialist firm, Bond & Associates, who access a very large comprehensive range of the market.  They have very kindly provided some general observations on what you can expect in the current mortgage market.  
  • Don’t forget there are still savings to be had on stamp duty.  Currently there is no stamp duty to pay on the first £250,000 of the purchase price of your main residence, until the 1st of October. After this, it will revert back to normal (no stamp duty up to £125,000).
  • There is a lender that will allow 5 and a half times your income, if you are a first-time buyer and are employed – so this is great boost to first time buyer’s affordability. 
  • 5% deposits remain available, but important to note that these are being generally more accepted for houses less that £350,000.
  • The majority of lender’s require 10% deposits for properties up to £500,000, including flats/ maisonettes.
  • Lending is generally loosening up for everyone.  This includes the self-employed, however, they will generally need to have 2 years of accounts, with the exception of 2 lenders, who will currently consider 1 year.
If you are looking for specific mortgage advice then contact anyone of our offices and they would be delighted to refer you to Bond & Associates.  

Photo by Scott Graham on Unsplash