Ministers have sought to ease the difficulties of thousands of owners of flats trapped in properties they cannot sell or remortgage by changing advice on fire safety paperwork on lower-rise blocks, a requirement introduced after the Grenfell tower blaze.
Some of Britain's biggest high street banks are refusing to give mortgages to self-employed people who received government grants during the pandemic. People working in sectors like entertainment, hospitality and travel are the worst affected. Many lenders have taken the decision to decline applications on the basis that people have taken financial assistance as banks often see people who have received Covid-related grants as high risk.
UK residential transactions totalled 114,940 in May, 138.2% higher than May 2020 but 3.9% lower than in April, according to the latest HMRC statistics. On a non-seasonally adjusted basis, transactions totalled 103,100, 123.4% higher than May 2020 and 8.7% lower than April 2021. HMRC’s latest data shows further growth in housing transactions of 138.2% since May 2020, though transactions were 3.9% lower than April 2021. That transactions are booming relative to last year, and gradually slowing down seems unsurprising. What is interesting is the causes and implications for housing transactions and prices going forward.
The FCA has implemented a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. This includes new rules so that renewal quotes are not more expensive than they would be for new customers. These measures address the issues identified in the FCA’s September 2020 market study, which found that millions of customers lose out if they renew repeatedly with their current providers. In 2018, 6 million loyal policy holders would have saved £1.2 billion had they paid the average price for their actual risk.
10% of mortgage applicants have been rejected by lenders because they had taken advantage of loan repayment holidays in the past, according to new research. On average, prospective applicants dedicated 22 hours to researching mortgage options, and spoke to just two lenders before applying. However, 12% of mortgage holders had an application rejected in the past, despite receiving a mortgage in principle from the same lender.