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Banks and building societies are calling on ministers to extend help for those struggling to pay their mortgage owing to the financial effects of the coronavirus. Support for Mortgage Interest (SMI) is a loan available to some people in the UK on benefits, which is usually repaid when their property is sold. Applicants have to wait for 39 weeks after losing their job before they are able to make a claim. Banks want the wait cut to 13 weeks, as happened after the financial crisis. The Government said that anyone struggling to pay their mortgage should first go to their lender, who has a duty to support them. However, Charles Roe, director of UK Finance, said: "The wait time and eligibility criteria for Support for Mortgage Interest is preventing much-needed help going to struggling homeowners when they need it most - before their financial circumstances get worse and mortgage arrears start building up". |
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Typical mortgage rates increased between January and June this year according to Moneyfacts, despite headline-grabbing 0.99% deals coming to the market. Ten-year fixes saw the biggest rate rise, increasing from 2.85% to 2.98%. While rates could come down, Moneyfacts experts say taking a longer fix now could be a good hedge against future volatility in the aftermath of the pandemic. Since the beginning of this year, the interest rate has gone up on the typical two, five and 10 year fixed mortgage, according to finance experts at Moneyfacts. |
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Homeowners released more than £1.07bn in equity in the year to April, according to Key Equity Release. The retirement lender's market study revealed that older homeowners are releasing an average of more than £100,000 from their properties, in what is being termed a “middle-class stampede” towards equity release. Research found that homeowners were able to access triple-figure cash pots when taking out equity release deals. Key Equity Release's data suggests that, in the first three months of this year, the average homeowner who took out an equity release plan received £103,710 - 25% more than the £83,000 released in the first quarter of 2020. |
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Homes England and British Land have agreed a deal that will see the former provide a £100m loan for infrastructure works to support the development of up to 3,000 homes on a 53-acre, mixed-use scheme in Canada Water. Following public consultation involving over 5,000 people, the Canada Water masterplan sets out a list of commitments to the local area, including affordable homes for local people in a new town centre, investment in transport infrastructure, and a sustainability strategy that minimises carbon emissions both now and in the future. “Housing is central to our plan to deliver a new and vibrant town centre for London, where people can live and work and local communities can come together”, said Roger Madelin, joint head of Canada Water at British Land. “Housing is central to our plan to deliver a new and vibrant town centre for London, where people can live and work and local communities can come together”. |
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Britain's property market boom is set to continue as government support for the market continues and those who have managed to save money during lockdowns look for more living space, according to a Reuters poll. Prices will rise 5.0% this year, the May 11-21 poll of 21 property market experts found, a sharp increase from a February poll which predicted they would flatline. Next year and in 2023 they will rise 3.0%. Prices in London were expected to lag the national market and increase 2.5% next year. |
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Over 1,700 new flats and townhouses are arising on London City Island, a new neighbourhood development opposite the O2 and just next to the offices of Canary Wharf. The Island, created by EcoWorld Ballymore, has been referred to as a “Mini Manhattan”; the development includes a footbridge to make Crossrail and DLR transport links more accessible, according to the developer. Residential property prices on the 12-acre site range from £335,000 to over £1m. |