The housing market has bounced back however, difficult economic conditions and job insecurity mean purchasing a house is still no mean feat. Which is why it’s surprising that some consumers haven’t learnt the value of protecting their home with the right insurance.
Applying for a mortgage can be a complex and stressful process – especially now that Covid-19 has made the application process tougher and longer. What most mortgage applicants worry about are mortgage rates, whether they'll pass the affordability test and have enough of a deposit to secure the home they want. But did you know that there are other things you may need to consider, such as identity and anti-money-laundering checks? You wouldn't want to fall at the last hurdle, so iron out these details* before submitting your application.
The number of mortgage purchase approvals "continued increasing sharply in August", rising to the highest figure seen since October 2007, according to the latest Money and Credit figures from the Bank of England. Approvals for purchases rose to 84,700 from 66,300 in July, however the Bank says this "only partially offsets weakness seen between March and June". In total, there have been 418,000 approvals in 2020, compared with 524,000 in the same period in 2019. Approvals for remortgaging with a different lender are little changed compared to July, at 33,400 and remain 36% lower than in February 2020.
Homeowners could find it almost impossible to find a new mortgage if they have only a small amount of equity in their homes when their current deal ends. Lenders have pulled almost all of their remortgage deals for those borrowing at a high loan-to-value (LTV) rates.
New Job Support Scheme to replace the furlough scheme from the 1st of November. The six month scheme will allow employees to work a minimum of 33% of their normal hours. Employers will continue to pay the wages of staff for the hours they work - but for the hours not worked, the government and the employer will each pay one third of their equivalent salary.