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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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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