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95% mortgages return with a new mortgage guarantee scheme

As part of the budget announcement earlier this week, Chancellor of the Exchequer Rishi Sunak unveiled a new mortgage guarantee scheme which will encourage lenders to offer 95% mortgages. Announced alongside an extension to the Stamp Duty Holiday, the mortgage guarantee scheme is yet further support to home buyers and stimulation for the property market.

The mortgage guarantee scheme is designed to encourage mortgage lenders to offer higher loan to value (LTV) mortgages which will enable buyers to get on the property ladder with a much smaller deposit. Saving a deposit of 15% or 20% is perhaps the most significant barrier for potential homebuyers to get on the property ladder. As a result of the coronavirus pandemic, the availability of higher LTV mortgages has significantly reduced as lenders have retreated to more cautious lending positions.

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Stamp Duty Holiday Extended

In a further boost to the property market, Chancellor of the Exchequer, Rishi Sunak today announced as part of his budget that the stamp duty holiday will be extended.

The stamp duty holiday was originally brought in on 8th July 2020 in order to stimulate the property market as a response to the impact of the coronavirus pandemic. It saw the rate of stamp duty on properties up to the value of £500,000 reduced to 0%, meaning a potential saving for home buyers of up to £15,000. The stamp duty holiday was meant to end on 31st March 2021.

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ME Estate Agents and Virtual Farnham team up to future-proof Farnham’s high street

ME Estate Agents and Virtual Farnham have teamed up to make Farnham truly virtual. Using ME Estate Agents’ virtual scanning technology, the popular local online resource and estate agent have teamed up to future proof Farnham’s high street. The scans will enable customers to explore the shops, cafes, restaurants and other local businesses virtually, browsing the shelves behind doors before making an online purchase or visiting the shop once opened.

The idea was sparked by the uncertainty surrounding businesses ability to trade during lockdowns and the likelihood of future lockdowns or limits on businesses ability to trade. It is hoped this will be the next step in the evolution of the popular website and support local businesses who otherwise may not be able to remain open. Some 20 local businesses have already gone ‘virtual’ including Ruby Jones, Vaughan James Chemist, Roost and Beverley Edmondson, with more being added daily.

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COVID-19 and your move: Understanding the latest Government advice

Yesterday, on 26 March, the Government released its advice on home moving during the COVID-19 outbreak. This has been met with mixed response, so we wanted to break it down for you and let you know what we, and you, can do to ensure that you can still buy or sell your property in the current climate.

If you are thinking about putting your property on the market;

  • You can absolutely continue to still do so!
  • We are able to provide a valuation remotely via Skype, FaceTime or other video calling application.
  • We will then work with you to create your property listing remotely. We will write a description based on the valuation. Work with you to help you take new images of your property and even a video. Source old images, floorplans and other material from a previous sale, if required.
  • You will be unable to have physical viewings, however with the content above, especially a video, we are able to provide buyers with an in-depth look at your property and generate the interest to either sell your property during this period or arrange viewings for once the stay-at-home measures are no longer in place.

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