Daily uk news Age of the 20% deposit dawns: Misery for first-time buyers as mortgage firms demand a FIFTH of price of new home - while existing owners enjoy boom in sales thanks stamp duty freeze MetiNews.Com
MetiNews.Com - In the past week, not one high street bank has offered mortgages for those with a 10 per cent deposit and brokers have warned deals for those with a 15 per cent deposit are also disappearing.
Breaking News ! First-time buyers are being asked to save at least 20 per cent for a deposit on a house as there are little deals for mortgages on the market. In the past week, not one high street bank has offered mortgages for those with a 10 per cent deposit according to The Times. Brokers have also warned that deals for those with a 15 per cent deposit are also disappearing as more than 300 of them have been pulled since January. First-time buyers are being asked to save at least 20 per cent for a deposit on a house as mortgage deals for those with a 10 per cent deposit disappear For those with smaller deposits there are only a small number of these deals available.According to Moneyfacts, there are only 44 deals left for those with a 10 per cent deposit, but most have restrictive criteria. David Hollingworth from the mortgage broker London & Country said that its already a 'big ask to require a first-time buyer who has scrimped and saved to come up with a bigger deposit'. This comes after Rishi Sunak's stamp duty holiday, which can save buyers up to £15,000. RELATED ARTICLES Previous 1 Next Rishi Sunak 'will implement a stamp duty cut immediately'... Britain's post-lockdown property boom: UK house prices hit... Share this article Share Rishi Sunak's stamp duty holiday could save buyers up to £15,000, but first-time buyers are being asked to save at least 20 per cent for a mortgage The Chancellor said he would immediately raise the threshold on stamp duty to £500,000 until March 31 2021. The measure, which temporarily increases the 'nil rate' band of stamp duty from £125,000 to £500,000, will reduce the average stamp duty bill for a main home from £4,500 to zero. The Chancellor's crucial coronavirus recovery package includes a six-month 'holiday' from paying the charge on most homes to kickstart the market.However, economists voiced alarm at the idea that the move could be announced to the House of Commons, but not implemented until the Autumn. Fears were raised that purchases would grind to a halt as people would simply wait in order save thousands of pounds. But UK house prices hit a record high following a post-lockdown boom, with the average home now worth £245,747.
.2% higher than the same month a year earlier and property values were up by 1.6% month on month.But with household incomes under pressure and job loss announcements mounting, the report said it is 'highly unlikely' that current levels of house price growth will be sustained. Renters betrayed as new evictions approach after housing secretary 'tears up his pledge' to protect them Renters have been plunged into turmoil as evictions are set to resume after the housing secretary 'tore up his pledge' to protect them. Robert Jenrick introduced a ban at the start of the Covid pandemic which halted all hearings of possession cases as he championed that 'no renter who lost income due to coronavirus will be forced out of their home'.But, six months later, the government will allow evictions to resume in England and Wales from Monday.Alicia Kennedy, who has directed the campaign Generation Rent, told The Times: 'Robert Jenrick has torn up his pledge to protect renters. Robert Jenrick (pictured) introduced a ban at the start of the Covid pandemic which halted all hearings of possession cases as he championed that 'no renter who lost income due to coronavirus will be forced out of their home''There is now nothing stopping tenants who have been given a Section 21 [eviction] notice from being forced out of their home. 'Even renters in severe financial distress can only buy themselves an extra six weeks' grace.'These new rules provide no comfort and do nothing to prevent hardship and homelessness.'UK courts can usually grant automatic eviction notices if a tenant falls eight weeks into rent arrears. The ban on evictions has already been extended twice since March as figures from YouGov and Shelter suggest that 322,000 renters have fallen behind on their monthly payments due to the impact of the pandemic. The ban on evictions has already been extended twice as figures from YouGov and Shelter suggest that 322,000 private renters have fallen behind on their monthly payments due to the impact of the pandemic (stock image)The government has instructed that bailiffs are still forbidden from evicting those in areas of local lockdown or in the run up to Christmas - apart from in exceptional circumstances. Labour is also calling for a further extension of the ban similar to that seen in Scotland and Northern Ireland where renters will not face eviction until March 31. Defending the decision, Mr Jenrick said it was 'right that we strike a balance between protecting renters and ensuring landlords whose tenants have behaved in illegal or anti-social ways have access to justice'.
Mortgage lenders demand 20% deposit from first-time buyers | News | The Times
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