Speculations over the consequences and implications of the stamp duty holiday ending have been rife over the course of the past few months, with many arguing that it has led the property industry to a cliff-edge moment.
As the old saying goes: “People buy mortgages, but brokers have to sell protection”.
At Landbay we have seen an increase in day one remortgages this year, and there are several reasons for this.
Over the last year and a half, several initiatives have been introduced to keep the property market moving. From the stamp duty land tax holiday to the return of high loan-to-value mortgages, the market has been busy.
Mental well-being is making headlines again. ‘Burn-out’ is becoming increasingly a feature of concern as many managers and staff have worked ceaselessly to ‘keep things going’ over the past couple of years.
The arrival of the pandemic in the UK 18 months ago, and the subsequent economic disruption, had an impact on almost every aspect of life, including property investment.
There is a lot of focus at present on the UK economy and, in particular, how businesses are going to respond to the next stage of the post-COVID environment that will see a large amount of the government support ‘taps’ being turned off.
In this market when we talk about second-charge mortgages, and what they’re used for, we tend to focus on a couple of key areas – namely debt consolidation and/or home improvements.
After several months of continual changes to both lending criteria and product ranges, the mortgage product war is now in overdrive.