THE BUDGET 2021
So it’s official!!!!
The stamp duty holiday has been extended and 95% LTV mortgages are back!!!!!
Let’s start with the 95% LTV mortgages, as we have been patiently waiting for this news to drop! We have a long list of you waiting for this, and we’re so excited to give you positive news.
So what are the facts?
- We have 4 lenders coming on the market at 95% LTV, with one more joining them soon!
- It is available for first time buyers AND homeowners
- It will enable you to buy a property with a 5% deposit
- The 95 per cent mortgages will be available to all buyers of properties costing up to £600,000. According to a study by Rightmove, this accounts for 86 per cent of all homes currently up for sale in the UK.
- This is launching in April, so not long now!!
- The mortgages will be available from April this year, until December 31 2022.
- These new mortgages will be guaranteed by the government, removing the risk from the loans for lenders.
- Lots of you are interested!!! According to Rightmove revealed that the use of their mortgage calculator rose by85 per cent within half an hour of Rishi Sunak’s Budget 2021 announcement, and overall traffic to its website jumped by 16 per cent.
And next on the list of excitement is the extension of the stamp duty holiday!!!
- Stamp Duty holiday has been extended until 30 June 2021 (was 31 March 2021) for properties up to £500k
- The Nil Rate band then drops from £500k to £250k from 1 July to 30 September 2021
- From 1 October 2021 the nil rate will reduce back to £125k.
This is amazing news again for our clients, as up to 100,000 clients were going to be left in a sticky situation if their property didn’t complete by 31/03.2021.
Overall The Mortgage Mum was very happy with the Budget 2021. If you have a 5% deposit or want to enquire further, please do get in touch with myself or a member of our team via our website.
Managing Director, The Mortgage Mum