The Association of Mortgage intermediaries has warned that a shift to execution-only sales could cause a "number of worrying potential unintended outcomes" including the potential for future compensation claims.
The Government has announced a new Help to Buy scheme to run from April 2021. It is restricted to first-time buyers and includes regional property price caps to ensure the scheme reaches the people who need it most. There are no changes to the current Help to Buy equity loan scheme which runs to March 2021.
Nationwide's Chief Economist, Robert Gardner, shares his views on the outlook for the UK economy, housing and mortgage market and interest rates, in this latest economic update video.
By the end of 2021, the 50-year-old interbank global borrowing rate, LIBOR, will be no more and the monumental changes will affect the way trillions of dollars of worldwide financial contracts are priced, including loans for property developments. Property developers need to be aware of this, because it is likely to impact the interest rate they pay on their loans.
The government has announced that annual state pension increases will only be guaranteed for the next three years to British pensioners living in Europe. Nearly half a million people living in the EU will be affected in the event of a no-deal Brexit. Under current rules, British pensioners in certain countries such as Australia, Canada and South Africa have their state pension frozen each year, but British pensioners in the EU get annual increases in line with pensioners living in the UK. The UK state pension is uprated by either 2.5%, average wage growth or by prices growth as measured by the Consumer Price Index – whichever is highest. The DWP announced that annual increases will only be guaranteed for the next three years, after which the Government ‘plans to negotiate a new agreement’.