With £7.2bn of investment announced in the Autumn Statement, the government now expects to double, in real terms, annual capital spending on housing over the course of this Parliament. (Source: Autumn Statement, November 2016)
This should be good news for those who are keen to get onto the property ladder, or indeed those that are looking to move. Much is written about the first-time buyer, but there is also another key group – the second steppers – who are already in their own mortgaged property, but have possibly outgrown it; yet struggle to find (or maybe fund) a suitable new home.
Housebuilding targets
So any increased commitment from the government to stimulate the housebuilding sector, and make planning easier to both navigate and implement, will therefore be welcomed. In fact, according to Sajid Javid, the Secretary of State for Communities and Local Government: “We’ll have to build at least 220,000 homes a year, for the next decade, just to keep up with population growth.”
In recent years, we’ve fallen well short, but there has been a marked improvement in the last year or so with almost 190,000 new homes built in 2015 – an 11% year on year increase – albeit it’s less than the figure required to simply stand still.
(Source: Department for Communities and Local Government, November 2016)
Where we can help
Despite the efforts to build more homes, and the benefits for many regarding the change in Stamp Duty; key issues still remain around potential borrowers being able to build up a decent deposit, and meet the current stringent rules on the evidencing of income and affordability.
Whilst we can’t wave a magic wand, we can try to help you along the right path. As part of that process, we’d discuss the various options that may be on the table for those largely setting out, or at the early stages of the property owning journey, such as Help-to-Buy, Shared Ownership, support from the ‘Bank of Mum & Dad’, or perhaps cover relevant deals, readily available to all.
Of course, with numerous schemes and thousands of mortgage deals out there, you may think it’s all too confusing, and might also be worried that you could damage your credit record if you apply to a wide range of lenders. So let us do the running for you.
Your home may be repossessed if your do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured against it. Conveyancing and in general Buy-to-let mortgages are not regulated by the Financial Conduct Authority.
Our broker fee is £395, payable should you ask us to arrange your mortgage, payable on application. This fee will be fully refunded if the mortgage application is declined and we are not able to source a suitable alternative lender.