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I’m A Celebrity castle’s former glory revealed in historic images from property listing in 1946

IT’S the gloomy, damp ruin where famous faces including Jordan North, Vernon Kay and Bev Callard are bunking down for the next three weeks. But photos showing the former glory of Gwrych Castle in North Wales – the setting for this year’s series of I’m A Celebrity – have now come to light.

PA:Press Association A historic property listing for Gwrych Castle in North Wales – the setting of this year’s I’m A Celebrity – has come to light

Getty Images - Getty It shows the historic castle in its former glory – before the property fell into disrepair after years of neglect A historic property listing for the 19th-century castle shows it as an elegant estate, with weaponry on the walls, quaint dining tables and stylish furnishings. The castle – which many claim is haunted – was listed for auction in July 1946 by owners the Dundonald family, ending nearly 100 years of continuous family ownership. Auctioneers at that time referred to the building as ‘The Well-known Picturesque Castle’, and say it was built by Lloyd Bamford Hesketh in the Regency Period – ‘costing a fortune’. It was eventually sold for £12,000 to a Mr JR Rennie of Wrexham. A report from a newspaper from the time said “he intends to live there” and that “the sale attracted one of the largest crowds seen at an auction in North Wales for many years”. But the Grade I-listed fortress has since fallen into dereliction after decades of attempts to turn it into a hotel or tourist attraction. The auction document, sent out to entice bidders a year after the end of the Second World War, says: “The magnificent 19th-century castle and estate, which is based near Abergele in Conwy, was built more than 100 years ago between 1812 and 1822. “It been preserved to an exceptional standard, with many original features remaining throughout.

Gwrych Castle Instagram Old images of the property show luxurious fittings

ITV/Rex/Shutterstock But in the past three decades, the estate has been left to rot

Rex Features Local campaigners hope this year’s series will shine a light on the ruined castle

Gwrych Castle Instagram The property was listed for auction in July 1946 by its owners, the Dundonald family

ITV/Rex/Shutterstock Since then, it’s changed hands a number of times – and was finally asset-stripped 30 years ago “The castle is set some 200ft above sea level on the side of hill, which is backed by woodland and commands magnificent views over the surrounding country and the Irish Sea as far as Liverpool. “The approach to the castle allows you to pass by the Great Wood, terraced gardens and parkland. The drive passes through massive stone archways to the courtyard and entrance to the castle. “Continuing past the entrance, there are further stone archways to the Garage and Stable Yard before winding back round to the Great Wood.” The listing also details the castle’s mansion being built of limestone “in the Gothic style”, with turrets and architraves “in worked stone and with fine stone windows with leaded lights enriched with coats of arms and old coloured glass”. It said there were 26 bedrooms, nine reception rooms and seven bathrooms within an estate that covered 1,400 acres – the equivalent of 700 football pitches – including outbuildings, lodges, gardens, woodland and parkland. During the Second World War, the castle provided refuge for Jewish children as part of Operation Kindertransport, rescuing them from danger in Europe. Following its auction in the 1940s, several different people came into the ownership of the castle, before it was asset-stripped around 30 years ago. Viewers of this year’s series of I’m a Celeb, which is being filmed in the UK because of the coronavirus pandemic, will know the fairytale castle has been left to rot for around three decades.

PA:Press Association The images show high ceilings and elegantly-set tables

Rex Features Viewers of the 2020 show, which was moved from Australia to Wales when the coronavirus pandemic hit, will know the property is in a ruined state

ITV/Rex/Shutterstock A celebrities are facing a series of grisly trials at the property It’s most recent inhabitants were squatters – but locals hope the show will help bring the property back to life. Architectural historian Dr Mark Baker, who formed the Gwrych Castle Preservation Trust at the age of just 13, told WalesOnline he first visited in the property in the 80s. “I then remember going back a few years later after and it was like a nuclear fallout,” Dr Baker, now 33, said. “There was used needles, abandoned vehicles and fire damage. “It was an apocalyptic scene. I just thought that someone has got to do something here.” When contacted by a rep from ITV asking about the castle’s availability, Dr Baker said he almost deleted the email – believing it to be spam. But he added: “When I found out what the show was I thought, ‘That’s pretty immense’ and it would be great to host it here in north Wales. “We hope it will open up north Wales to the whole of Britain and, hopefully, further afield.” The property listing showing the castle during its hey-day was found and shared by the North East Wales Archives, with pictures provided by the Gwynedd Archive Service to celebrate Explore Your Archive week. Katie Price reveals son Harvey steals frozen pizzas and eats them raw Archivist Sarah Roberts said: “Gwrych Castle had kept the Dundonald family in lavish surroundings since the 1870s and would have been a much more comfortable place to live than the viper vaults the I’m a Celebrity contestants are putting up with right now. “Despite numerous attempts over the years to turn the building into a hotel or tourist attraction the house fell slowly into disrepair until taken over by The Gwrych Castle Preservation Trust. “It’s brilliant to see it reach households all over the country now and viewers can explore its story.”

Gwrych Castle Instagram An image of the banqueting hall shows the castle was fitted with chandeliers

Gwrych Castle Instagram It also boasted huge fireplaces and even armoury on the walls

PA:Press Association Old documents detail the sale of the ‘well-known picturesque castle’

Rex Features  

Rex Features In 1946, the castle boasted 26 bedrooms, nine reception rooms and seven bathrooms within an estate that covered 1,400 acres This content was originally published here. Read the full article

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Only the Government can release the 250,000 mortgage prisoners it's failed - and coronavirus is a tipping point, so not acting now could devastate lives

And while the financial regulator - the Financial Conduct Authority (FCA) - has adopted policies to help mortgage prisoners, it has now reached the limit of its powers in this area. This means only the Government can, and should, free mortgage prisoners, and the report sets out several possible actions it could take to solve the problem. Martin: 'There is a moral responsibility to free mortgage prisoners from their penury' MoneySavingExpert.com founder Martin Lewis, who funded the LSE research, said: "Mortgage prisoners are the forgotten victims of the 2008 financial crash. The Government at the time chose to bail out the banks, but unfairly – immorally – hundreds of thousands of their victims were left without adequate help, trapped in their mortgages and the financial misery caused by it. And they have been forgotten ever since. "The Prime Minister has touted the idea of subsidising 5% deposit mortgages for first-time buyers. Alongside that, there is a moral responsibility to release money to free mortgage prisoners from their penury. I was delighted when Treasury Minister John Glen agreed in advance to review any policy proposals the LSE came up with. The independent, practical solutions in this report leave no excuse for not tackling this, though as an urgent first step, the Government must agree to do the remedial work, using critical data it has access to, to cost the solutions up fully. "Speed is necessary now, as coronavirus has torn through people’s livelihoods. But for people whose finances and freedom have already been destroyed for more than a decade, they had already met breaking point – they are now defeated. Nobody should underestimate the detriment to people’s lives and wellbeing if the Treasury doesn’t act, and act soon. Intervention can and will save lives." What are its solutions to free mortgage prisoners?  In its report, the LSE has put forward eight practical policy solutions to free mortgage prisoners.  However, only the Government and financial regulator have access to data on UK borrowers to calculate the cost of the proposed measures accurately. The LSE and MSE are now urgently calling on the Government to use this data to assess the full cost and benefits of the proposals.  Here are some examples of the proposed measures:  Rachel Neale, from the UK Mortgage Prisoners group, which campaigns for mortgage prisoners, said: "UK Mortgage Prisoners would like to thank Martin Lewis for funding the research and researchers at LSE for their attempts to find solutions. It is now abundantly clear that borrowers were ‘not to blame’ for taking out mortgage products with ‘household names’ such as Northern Rock and Bradford and Bingley. The responsibility lies largely with ‘successive Governments’. "The financial and emotional harm sustained for over a decade has been devastating for mortgage prisoners. These consequences are well known by the Government; therefore it is now time to find a fair and ethical solution for all mortgage prisoners." This content was originally published here. Read the full article

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Boris Johnson plans 'Generation Buy' low-deposit mortgage scheme | Daily Mail Online

Boris Johnson has said he wants to create a 'Generation Buy' where young people are helped to purchase homes with mortgages requiring low deposits. In an interview with The Telegraph, the Prime Minister said he believed a 'huge' number of people felt excluded from home ownership in the UK. But he said his Government would 'fix' the issue by helping people get onto the property market with low-deposit mortgages. Prime Minister Boris Johnson has vowed to develop special low-deposit mortgages to allow young people onto the housing ladder Costly: The average cost of a home in Britain has risen to £224,123, according to Nationwide Nearly half of prospective first-time buyers have delayed buying a home during lockdown He told the newspaper: 'I think a huge, huge number of people feel totally excluded from capitalism, from the idea of home ownership, which is so vital for our society. 'And we're going to fix that – 'Generation Buy' is what we're going for.' Mr Johnson said mortgages that help people get onto the housing ladder were needed, 'even if they only have a very small amount to pay by way of deposit, the 95% mortgages'. He said that low-deposit mortgages could be 'absolutely revolutionary' for young people. The Telegraph reported that Mr Johnson had asked ministers to work on plans encouraging long-term fixed-rate mortgages with 5 per cent deposits. It comes as more than 1,000 low-deposit mortgage deals have vanished from the market in the past six months, according to findings by Moneyfacts.co.uk last month. By early September, there were just 76 deals for borrowers with deposits of 10 per cent or less, while in March there were 1,184 mortgages at 90 per cent, 95 per cent or 100 loan-to-value (LTV) available – meaning a fall of 1,108 deals. Mr Johnson spoke about the issue ahead of the online Conservative Party conference, which begins on Saturday and continues to October 6. Earlier on Friday, he confirmed funding for '40 new hospitals across England', with a further eight schemes invited to bid for future funding. First time buyers forced to 'battle for mortgages' as lenders offer one day 'fire sales' First-time buyers desperate to get on the housing ladder while the stamp duty holiday remains in place are being forced to compete for mortgages in a mad scramble. Lenders are now so cautious about lending to first-time buyers with just a 10 per cent deposit that they are limiting this type of lending to one day fire sales. TSB is the latest bank to offer small deposit mortgages for a limited time, with its 90 per cent loan-to-value deal open to applications today until 5.30pm only. Would-be buyers looking to purchase a flat will be left disappointed, however, as the deal is only being offered on houses. Mortgage experts say this type of 'flash sale' is only going to get more common. First-time buyers are running out of mortgages to choose from  At the start of the month there were just 51 deals available to those with a 10 per cent deposit, down from 772 before lockdown was implemented, according to finance experts Moneyfacts. Before lockdown there was even a thriving mortgage market for borrowers with just a 5 per cent deposit, but these deals have all but vanished save for a few specialist options.  Lenders have mostly blamed staffing shortages forcing them to rein in new mortgage lending and focus on existing customers.. Lower deposit mortgages usually take more work to underwrite, as they present a higher risk to the lender.   Lenders will have more of a handle on their staffing issues now, but they are still working at a much lower capacity than they were at the start of the year. As a result, if staffing problems at banks and building societies lead to deals being cut, it's high loan-to-value deals that go first. It's likely lenders are also taking a more cautious approach to who they lend to as they watch to see how the economy fares and, crucially, what happens to house prices over the next 12 months given the prospect of a second lockdown and the furlough scheme set to end at the end of the month. This content was originally published here. Read the full article

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First Direct Mortgage

First Direct Mortgage Are you looking for a better mortgage rate, you may have been searching for First Direct Mortgages. Well they do have competitive mortgage rates.

Here’s a list of all the First Direct Mortgage currently offer – and their various rates. You should bear in mind that mortgages can be withdrawn and interest rates can change at any time. You can see which ones are available for you with our 'Find the mortgage for you' tool. Click Here to access the list. First Direct Mortgage Myths  Mortgages. They're loads of hassle. They're too confusing. They're too expensive. Or are they? If mortgage myths have got you mystified, don't worry you're not alone. Many first-time buyers (and even some people who have been there and done this all before) are put off by all the confusion and misconceptions floating around. Who can blame them? That's why we're here to try and set the record straight on some of the most popular mortgage myths. Myth 1: Getting a mortgage can take a really long time We have all heard the horror stories from people buying a houses, you might lead you to think that mortgages take a long time to sort out. Actually, the 'mortgage' part of a house purchase can take as little as 6-8 weeks - but the rest of the buying process might not be so straightforward. Things like negotiating on price, getting surveys done, communication between different solicitors/conveyancers and being in a chain can slow things down, but it's different for every buyer. Quick house purchases arent completely unheard of and you could be one of the lucky ones (we'll keep our fingers crossed for you. Myth 2: Pervious missed  credit cards payment once, so I'll never get a mortgage now Although lenders will look at your credit scores, they'll consider the overall trend rather than just one specific incident. Having a poor credit score doesn't necessarily mean you wont be able to get a mortgage, but it might affect the amount you are offered. Lenders look at other things too, like your incomings, outgoings and general spending habits, which also means you dont have to be coupled up in order to buy a home of your own. Staying aware of your credit history and how it can affect your mortgage application will help you in the long term, but theres no quick fix - so try to keep up good habits as much as you can. If you would like to apply for a first direct mortgage contact us here Read the full article

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Yorkshire sees largest increase in property asking prices | Mortgage Introducer

Analysis from Knight Frank has revealed that asking prices for properties in Yorkshire and the Humber have risen by more than any other region in England and Wales since the market re-opened in May. The data looked at the average asking price for two-bedroom flats and three-bedroom houses across regions. The average asking price for a two-bedroom flat in Yorkshire rose 10% to £153,354 in the week beginning 28 September from £139,404 in the week starting 18 May. Asking prices for two-bedroom flats in London fell by 4% over the same period. For three-bedroom houses, Yorkshire also experienced the biggest rise over the same period, increasing 8.4% to £186,045. Emma Hodgson, head of sales at Knight Frank’s Harrogate office, said: “The market has been so buoyant due to a huge influx of demand from the south of the country. “Whereas the South West of the country has a pull as a tourist destination, many buyers are coming to Yorkshire due to family connections.” Half of all buyers Hodgson is dealing with are reportedly from the South compared to less than a third this time last year. The appeal of Yorkshire will also have been boosted by its relative value versus other parts of the country, with an average price of £171,325 in July compared to £325,734 in the South East and £263,353 in the South West. This content was originally published here. Read the full article

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House prices stage strong recovery in Q3 2020 | Mortgage Introducer

House prices in Q3 saw the strongest quarterly increase since before the financial crisis according to the latest figures from Halifax. The Halifax House Price Index showed that prices rose by 3.3% on a quarterly basis and by 5.5% on an annual basis. These figures are the sharpest rate of inflation on this measure since the final quarter of 2016. Commenting on the latest figures, Paul Smith, economics director at IHS Markit, said: “The third quarter of 2020 saw a resurgent housing market following the COVID-19 induced lockdown earlier in the year and broadly defied all expectations to register its best quarterly performance in terms of seasonally adjusted price gains since before the financial crisis. “The market was characterised by strong demand driven by a desire for more space – either as a reaction of the lockdown or the structural economic effects of increasing home working – and supercharged by a stamp duty cut that has incentivised vendors and buyers alike to ensure deals are closed before next Spring. “However, the headwinds facing the market of greater affordability constraints, increased mortgage rates, and rising unemployment all suggest that current activity and rapidly rising prices are unlikely to be sustained.” According to the latest data, the price of a typical UK property now stands at around £246,000 having risen by around £8,000 since the second quarter of 2020. Price inflation has picked up across all buyer and property types, although notably existing property inflation (+5.8%) outstripped that of new houses (+4.1%). Homeowners recorded a stronger rate of inflation at 5.5% than first-time buyers, which was recorded at 5.0%. Price gains were recorded across the UK during the third quarter of the year, with Northern Ireland (+4.1%) and Scotland (+5.5%) recording the strongest quarterly gains. On the annual measure, alongside Northern Ireland, the Midlands and the northern English regions of the North West and Yorkshire and Humberside were the best performing. Inflation rates were all above 6% and higher than the national average. Despite quarterly improvements across the whole of the UK, the weakest annual rates of inflation were primarily centred on the South of England such as Eastern England and the South East. Scotland saw the weakest rate of annual inflation and was the only area of the UK to record an annual price rise below 4.0%. The recent uplift in house prices has led to a tightening of affordability constraints, with the house price-to-earnings ratio for the UK reaching a record high level of 6.50 by the end of the third quarter. This surpasses the previous records of 6.40 set prior to the financial crisis in mid-2007, although a crucial difference between 2007 and 2020 is that the cost of financing remains notably lower today. By region it is Greater London, with a ratio of close to 9, and the immediate regions surrounding the capital (ratios all above 7) where affordability challenges remain most acute. With house price-to-earnings ratios below 5, the North East, Northern Ireland and Scotland remain the most affordable places to purchase. This content was originally published here. Read the full article

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Case processing delays hiding true health of equity release market – Carter - Mortgage Solutions

The past few months have created an unprecedented trading environment within the equity release sector, which has seen consumers understandably deferring major life decisions and procedural challenges needing to be adapted to and overcome. However, it could be argued that as a whole the market has gradually found its feet again in the last couple of months and has certainly coped better with the unique wider circumstances than many other sectors. It has firmly put itself in a position where it can continue to provide retirement solutions to consumers as and when they choose to interact with the later life lending sector again. Figures from the Equity Release Council have highlighted a 34 per cent quarter-on-quarter drop in both customer numbers and total amounts borrowed in Q2. Some in the industry felt that delays in processing cases of up to three to six weeks according to some estimates, have meant these market figures do not necessarily represent the true picture concerning consumer interest. Indeed, Responsible Life recently announced a 52 per cent year-on-year rise in mortgage sales, suggesting that consumer interest has remained relatively strong despite the current climate. Continuing innovation It’s been gratifying to see the market has continued to innovate and drive forward even in these difficult times. The average market rate has dropped 12 per cent year-on-year to 4.05 per cent and a new product entered the market every 28 hours this year, according to Key Partnerships data. This amounts to 525 whole-of-market plan options now available to consumers, representing a 510 per cent growth from the 86 in 2017. There has also been a continuation of plan flexibility that has been a staple for the past couple of years. There has also been a move by lenders in recent months to review and enhance their technological offering, whether that’s through their resources or in the way that they interact with third-party partners. In a world that has become increasingly digitally-focused, using technology to give advisers as straightforward a journey as possible is arguably more important than ever. Ready to adapt The market has shown itself to not only be adaptable in the face of adversity, as evidenced by the move to desktop valuations, and later more flexible solutions in line with government guidance, but also one not afraid to continue innovating even in trying conditions. It has meant that we as an industry remain ready to continue providing retirement solutions to customers as and when they feel ready to review their retirement planning options. With housing wealth among over-65s increasing by £28bn year-on-year to sit at £1.12tr, equivalent to the GDP of Indonesia, it is perhaps more important than ever the equity release market continues to ensure it offers solutions that fit customers’ needs, whenever they choose to explore lifetime mortgages as a retirement funding solution. This content was originally published here. Read the full article

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Mortgage rates rise to five-year high for those with smallest deposits - Your Mortgage

Borrowers needing 90% of the property's value could pay thousands of pounds more for a homeloan Borrowers looking for a low deposit mortgage deal will be forced to pay the highest average two-year fixed rate in five years, increasing their mortgage costs by thousands of pounds as rates have soared since April. Analysis from the Bank of England showed the average 90 per cent loan to value (LTV) two-year fixed rate in September was 3.32 per cent. The last time a 90 per cent rate reached a higher point was June 2015 when borrowers were being asked to pay 3.34 per cent, during a period when rates had been gradually falling from 4.5 per cent a year earlier and from between five and six per cent in 2013 and 2012. In more recent months, borrowers with a ten per cent deposit have been used to much lower rates. Before lenders began to heavily withdraw and reprice deals, the average 90 per cent two-year fixed rate in April was 1.89 per cent, the lowest point since the bank began the data series in 2012. For a family taking out a mortgage of £250,000 over 25 years at 1.89 per cent they would pay £1,046 a month. However, the same loan amount would now cost £1,228 a month, an increase of £4,368 over two years with no mortgage fee included. In the 85 per cent LTV bracket, the average rate in September was 2.54 per cent. The last time rates were at higher point for borrowers with a 15 per cent deposit was March 2015 when the average two-year fixed rate was 2.59 per cent. In April, however, households could secure a rate of 1.64 per cent. For those taking out a mortgage of £250,000 over 25 years on a rate of 1.64 per cent they would pay £1,016 a month. The same loan amount now would cost borrowers on average an extra £111 a month, taking their total monthly mortgage outgoings to £1,127. Over the two years, discounting mortgage fees, borrowers will pay an additional £2,664. This content was originally published here. Read the full article

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Piers Morgan reveals Andi Peters is secretly ‘stinking rich’ as he explains how GMB star makes his money in awkward chat

PIERS Morgan has revealed Andi Peters is secretly “stinking rich” as he explained how the Good Morning Britain star makes his money. Piers, 55, rubbed his fingers together as he told viewers today how Andi, 50, was the “£500k a week man”.

Piers Morgan revealed Andi Peters is secretly ‘stinking rich’ He said the legendary host, who made his TV debut in 1989, doesn’t just turn up to host the competition segments on ITV – he owns the company that makes the promos. Today, Andi appeared on GMB to reveal ITV’s biggest cash prize ever with half a million pounds up for grabs. But he took a risk when he poked fun at Piers, saying as he stood in front of a vintage Bentley and a castle: “You know what? Me, Susanna, we live very normal lifestyles. But Piers, he definitely lives the lifestyle of the rich and famous and you can do the same too.” Piers retorted: “I tell you what, let’s go back to Peters for a minute. Hey Peters, what’s your net worth?”

Andi said ‘we don’t talk about this’ and called the exchange ‘awkward’ He added: “People just think you turn up in your little orange puffer jacket and present the promos. “No! He OWNS the company who makes the promos. So when you call me rich and famous, you’re stinking rich aren’t you Peters, aren’t you Peters?” He continued to joke: “That car is one of your ten! That castle is yours! That puffer jacket, four grand. Versace puffer jacket. “Just remember, every promo you watch… kerching, kerching.”

Piers enjoyed telling viewers Andi Peters isn’t just a TV presenter Andi tried to laugh it off and said “we don’t talk about that” and “this is awkward”. But satisfied he’d got the last word, Piers added: “There you go. That will stop him going on about my wealth.” Andi’s early breaks in the showbiz world came on children’s TV with shows on CBBC – he also presented popular kids show Live & Kicking for three years.

LWT Andi made his TV debut in 1989 on The Broom Cupboard on Children’s BBC Most read in Celebrity KRIS-SED OFF Kris Boyson makes explosive claims about ex Katie Price in open video to star BRITAIN'S GOT COMPLAINTS BGT in fresh row as 892 object to Amanda's dress and comic's jokes 'STOP IT!' Susanna Reid accused of 'fondling Piers Morgan's bottom' on Good Morning Britain VA VA VOOM Geordie Shore's Elettra Lamborghini marries DJ Afrojack in sheer dress in Italy NOT HAVING IT Katie Price’s daughter Princess hits back at trolls & says 'I love my name!' FOREVER FRIENDS Justin Bieber 'got secret tattoo tribute to Selena Gomez' say their fans Andi’s exit from the show in 1996 was voted one of the biggest tear-jerking moments in TV history by Channel 4. The presenter is believed to have a net worth of around £3million, built up from his many years in television.

LWT He’s presented a range of TV shows and worked as a voice over artist for decades This content was originally published here. Read the full article

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How much longer can the housing market defy the Covid-19 gloom? – Property Industry Eye

Residential property prices in the UK increased at the fastest pace in four years in September despite the uncertainty caused by the coronavirus pandemic and Brexit as people working from home look for more space, but is the existing rate of growth sustainable? The post-lockdown property surge meant home prices in September increased by an average of £17,064 year-on-year to a total £249,870. Separate data lagging the Halifax report, released by the ONS yesterday, based on Land Registry sold prices data delayed by lockdown, also revealed a rise in property prices. The ONS data showed house prices up 2.3% in the year to July, with average prices stood at £255,000 in England, £170,000 in Wales, £155,000 in Scotland, and £141,000 in Norther Ireland, and yet there could still be more room for growth, thanks in part the current stamp duty holiday. Miles Robinson, Head of Mortgages at online mortgae broker Trussle, said: “It’s not a surprise to see a reported 1.6% increase in house prices from August to September. It’s clear the housing market is relatively buoyant at the moment, and with nearly six months still left of the stamp duty holiday we expect this trend to continue until the end of the year.” Trussle’s own data suggests that existing home buyers are the ones propping up the market with an increase of 23% in mortgage approvals for next-time buyers from August to September. Robinson continued: With rising house prices and so few high loan-to-value mortgage products available to first time buyers, it’s those that have a deposit of 15% and higher who are able to take advantage of the current incentives. In fact, for those with greater equity in their homes, some may be buying before having sold to ensure they don’t miss out. By doing so, there’s less on the market for first-time buyers and competition is fierce – both in terms of housing availability and mortgage lending.” However, despite the recent uptick in the market, there are growing signs that the boom could soon run out of steam. Guy Harrington, CEO of property lender Glenhawk, said: “The question now is how much longer can the housing market defy the Covid-19 gloom?   With furlough, mortgage holidays and credit card payment holidays all coming to an end this month some experts have a gloomy outlook on the economy, which could lead to a fall in property prices. Harrington commented: “Growing consensus suggests we are in for a nasty shock, unless the doom-mongers have got it very wrong and the economy can ride out an unemployment-led economic slump. As history has shown us, when it comes to the UK housing market, all bets are off.”  Halifax said that it is “unlikely” that the UK housing market will “remain immune” to the economic slowdown. Russell Galley, managing director at Halifax, commented: “The release of pent up demand and indeed the stamp duty holiday can only be temporary fillips and their impact will inevitably start to wane. “And as employment support measures are gradually scaled back beyond the end of October, the spectre of increased unemployment over the winter will come into sharper relief. “Therefore while it may come later than initially anticipated, we continue to believe that significant downward pressure on house prices should be expected at some point in the months ahead as the realities of an economic recession are felt ever more keenly.” Although the market could be starting to cool, there is unlikely to be a “cliff edge scenario at the end of March when the stamp duty holiday ends”, according to David Westgate, of Andrews Property Group, He said: “The growing conservatism of lenders who have one eye on rising unemployment and a potentially unprecedented fiscal pinch is playing a major role in cooling the market down. “For now, we have a huge pipeline of property transactions tied up in solicitors’ hands, all waiting to complete before the end of the year to avoid increased stamp duty charges.” This content was originally published here. Read the full article

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Boris Johnson plans 95 per cent mortgage scheme

Boris Johnson plans 95 per cent mortgage scheme Prime minister Boris Johnson has vowed to create ‘Generation Buy’ with a low deposit mortgage scheme that he says could be ‘revolutionary’ for young people.

First-time buyers have been finding it particularly hard to buy a property since the pandemic began as lenders have cut maximum loan to values (LTVs). The stamp duty holiday in England and Northern Ireland was also granted to landlords and second home owners, further squeezing those looking to buy their first home as house prices have been pushed up and demand has increased. In an interview with the Telegraph before the start of the Conservative Party conference, Johnson (pictured) said a “huge” number of people were excluded from the owning a home and he wanted to solve the problem with a mortgage scheme that permitted deposits as little as five percent. In an interview with the Telegraph before the start of the Conservative Party conference, Johnson (pictured) said a “huge” number of people were excluded from the owning a home and he wanted to solve the problem with a mortgage scheme that permitted deposits as little as five percent. Speaking to the newspaper he said: “I think a huge, huge number of people feel totally excluded from capitalism, from the idea of home ownership, which is so vital for our society. “And we’re going to fix that – Generation Buy is what we’re going for.” According to the report, Johnson has asked his ministers to work on a scheme to encourage the availability of long term fixed deals with five per cent deposit mortgages. The government withdrew Help to Buy mortgage guarantee scheme at the end of 2016 which offered lenders the option to obtain a guarantee on a 95 per cent mortgage. If the borrower defaulted on the loan, the government would share in some of the losses. In the two years it was available, the scheme helped to more than double the amount of 95 per cent LTV deals available on the market. Click here to view original web page at www.mortgagesolutions.co.uk Read the full article

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Are you a British expat whose bank account is being closed due to Brexit? Here's what's happening and what you can do about it

Are you a British expat whose bank account is being closed due to Brexit? Here’s what’s happening and what you can do about it Thousands of British expats living abroad in EU countries are receiving letters from banks telling them their UK current accounts and credit cards will be closed after Brexit. While not all the roughly 1.3million UK citizens living in the EU will be hit, customers of Barclays, Lloyds and the private bank Coutts living in some of the most popular destinations for expats, including France, Portugal and Spain will have accounts closed if they can no longer prove a UK address. They will be closed after EU-wide financial passporting rules expire after 31 December, with some banks forced by regulators in individual countries to pull out of offering specific products. Expats in Spain (top) and Slovakia (bottom) are among those who have been told their bank accounts and credit cards will be closed after 31 December due to Brexit It is a blow to those who keep their UK account open when they move abroad so they can receive their state or private pension into it, who receive income from renting out property or from UK-held investments, or simply to maintain ties to their home country. But which expats are affected and, more importantly, what can they do about it? Read the full article

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Housing market recovery underway but longer-term expectations remain cautious: RICS

Housing market recovery underway but longer-term expectations remain cautious: RICS The June RICS UK Residential Survey results point to a recovery emerging across the market, with indicators on buyer demand, sales and fresh listings all increasing from their lockdown-related falls. However the research shows that respondents still appear relatively cautious on the prospect of this improvement being sustained over the longerterm, as twelve-month sales expectations are now marginally negative. In terms of buyer demand, a headline net balance of +61% of survey participants saw a rise in enquiries over June. This marks a strong rebound compared to readings of -7% and -94% posted in April and May respectively. Furthermore, respondents across virtually all parts of the UK reported a pick-up in buyer enquiries during June. At the same time, new instructions being listed onto the sales market also rose firmly over the month, evidenced by a net balance of +42% of contributors noting an increase (significantly stronger than the reading of -22% in May). Nevertheless, despite edging up slightly at the national level in June, the average number of properties on agents’ books remains close to an all-time low of just 39 homes. The survey’s gauge of newly agreed sales moved into positive territory for the first time since February, with a net balance of +43% of contributors citing an increase in transactions during June. Moreover, sales are expected to continue to rise in the coming three months, albeit the nearterm outlook is only modestly positive (net balance +16%). Further ahead, at the twelve-month horizon, survey participants struck a more wary tone, as projections slipped back into marginally negative territory in the latest returns. Moreover, a common theme coming through in the comments submitted by contributors this month is that the challenging economic climate is likely to dampen market conditions for some time to come. Alongside this, house prices continue to come under some downward pressure at the headline level, with a net balance of -15% of respondents seeing some degree of decline over the survey period. While this represents the third successive negative monthly reading for the national house price indicator, the latest figure is a little less downbeat than that posted in May (-32%). When broken down at the regional level, London and the South East currently exhibit the weakest momentum, returning net balances of -58% and -33% respectively. Looking ahead, near term expectations remain consistent with a continued fall in prices over the coming three months. In terms of the view beyond this, respondents now anticipate a flat to marginally negative trend in national house price inflation over the next twelve months as a whole. Jeremy Leaf, north London estate agent and former RICS residential chairman, commented: "The RICS survey always seems to be a reliable early indicator of trends in the housing market and the latest report is no exception. On the ground, we are also seeing an uplift in buyer enquiries and sales agreed. "However, what is even more encouraging has been the increase we’ve noticed over the past few weeks in the number of properties becoming available for sale, which is helping keep prices in check and provide more choice for willing buyers. "Another positive sign has been an increase in realism shown by buyers and sellers when agreeing terms. Many appear to recognise that the challenging economic conditions and possibility of a spike in Covid-19 could compromise activity so are trying to reach a compromise rather than becoming involved in protracted negotiations." Which Mortgage Click here to view original web page at www.financialreporter.co.uk Read the full article

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Stamp duty holiday won’t ‘fix’ property market, say experts

The stamp duty holiday announced by the chancellor is set to provide a welcome boost to the housing market, but many critics say the measure is also mottled with potential issues. Homebuyers will not pay stamp duty on purchases up to £500,000 until 31 March, under the changes announced yesterday by Rishi Sunak. The measure is widely expected to stimulate demand in the short-term. First-time buyers had already benefitted from a threshold of £300,000 before they paid stamp duty, meaning this will be more of an incentive to movers, as well as investors. However, there are fears that after an initial boost, the market could suffer. Will Scoular, head of private client lending at Investec, said: “We must be cautious that the removal of the support in March next year could cause transaction volumes to stall again, creating somewhat of a delay in the impact of the crisis unless permanent reform is introduced. “Meanwhile, unchanged stamp duty rates for homes worth more than £500,000 will continue to put the brakes on transactions and reduce the overall tax take.” Lenders need to come back to 95 per cent LTV The real difference for first-time buyers will be if lenders make a meaningful return to the market at 90 and 95 per cent LTV, critics suggested. Martijn van der Heijden, chief of strategy at digtal mortgage broker Habito, said: “UK lenders are still withdrawing or heavily restricting the availability of lower deposit mortgage deals. “This means that many would-be buyers looking to take advantage of this tax holiday will still struggle to get approved for the mortgage borrowing required to buy a home. “Though some buyers who had budgeted for the tax could now use the saving to increase their deposit funds, many still won’t be able to buy unless these 90-95 per cent products make a return. “Increased access to higher-value lending, to reduce the size of the deposit required, would be a very meaningful area of focus for lenders and the Treasury, when it comes to first-time buyers right now.” Kevin Roberts, director, Legal & General Mortgage Club, welcomed the stamp duty cut but agreed that lenders needed to “step up”. He said: “These are still uncertain times and there will still be challenges for consumers, namely ensuring that they have access to the mortgages they need to move forward with their plans. “Independent mortgage advisers will be on hand to help first-time buyers understand their options, but we would also encourage lenders to step up and return to offering the higher loan-to-value mortgages on which many of these buyers rely.” Help to buy extension preferable Many critics were disappointed not to see an extension of the Help to Buy scheme as the chancellor’s tonic of choice for the market. Jan Crosby, UK head of infrastructure, building and construction, KPMG, said the housing market has bounced back after lockdown fuelled by pent-up demand. Crosby added: “The stamp duty cut may therefore not have been needed. “More important is providing longer term clarity on help to buy, unlocking funding for SME housebuilders to play their part – many of whom have not been supported through CBILS and accelerating the provision of affordably priced key worker family accommodation across the country.” Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, echoed the sentiment and said raising the stamp duty threshold to £500,000 “will not ‘fix’ the market”. He added: “There are a number of other measures which need to be given further thought and consideration by the government to make a longer term difference to those wanting to secure their own home. “An extension to the current Help to Buy scheme which would allow for more borrowers, both first-time buyers and home movers to take advantage of the scheme would be a real boost to the industry. “With the deadline for the current scheme looming, the delays to building work caused by the pandemic is threatening to exclude many home movers from accessing the financial support this initiative offers.” Duncombe also suggested a review of the mortgage stress testing measures is needed. He said: “To support more first-time buyers, a review of the current stress testing measures could make the shift from renting to owning more accessible for those who have a proven track record of meeting monthly rental payments.” Click here to view original web page at www.mortgagesolutions.co.uk Read the full article

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First-time buyers still gung-ho for 2020 move

The vast majority, 93 per cent, of first-time buyers report that they are still considering buying a house in 2020, with 51 per cent saying they “definitely” will, shows research from Legal & General. The report shows that 35 per cent of FTBs say that Covid-19 has had “no impact” on their plans to buy, while the average delay for those that have been hit by it negatively is seven months. For 8 per cent of respondents, Covid-19 means that they can bring their plans forward. This may be because of saving under lockdown for those fortunate enough to retain an income. In fact, 54 per cent of respondents to Legal & General’s survey say that saving has become easier during the pandemic, with 69 per cent saving more each week than they did before. The average extra amount saved since the start of the lockdown comes in at £127 a week, which comes to £1,600 over the course of the lock down. Other direct effects of the pandemic are evident – 22 per cent of those asked now want to move to a more rural area than that of their original plans, and those looking for a home office have doubled – from 16 per cent to 29 per cent. “In an interesting twist, says Legal & General Mortgage Club director Kevin Roberts, “Covid-19’s impact hasn’t necessarily been to stop FTBs from moving onto the housing ladder, but instead to change the paths many young people are taking into homeownership.” Indeed, the research shows that 13 per cent of first-time buyers who had no plans to use Help to Buy say that they now will, while 13 per cent will planned not to will now use a Shared Ownership scheme. For those aged 18 to 24, this number jumps to 22 per cent. Roberts says: “Homeownership continues to be an aspiration shared by thousands of people across the UK and it is clear from our research that the Covid-19 Crisis has done little to dampen the ambition of the UK’s FTBs. “The mortgage market is already seeing pent-up demand from homebuyers after two months of lockdown… however, what we are clearly starting to see is a shift in where Britain’s FTBs plan to buy.” Click here to view original web page at www.mortgagestrategy.co.uk Read the full article

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Pandemic causing life plans to be put on hold

Weddings, babies and travelling have all been put on the backburner due to coronavirus. A study of investors by Fidelity International found that investors who had plans to travel (56%), get married (46%), or buy their first property (50%) have all put their plans on hold. And despite early speculation that lockdown may cause a winter baby boom this year, almost half (47%) of UK investors who were thinking of starting a family say they are worried that the outbreak has delayed or postponed their plans to start a family. The combined impact of the health crisis, an economic downturn and uncertain income and job prospects have had repercussions on other life plans too. More than two in five (41%) parent or grandparent investors are worried Covid-19 has delayed their plans to help younger dependants financially, fuelling fears that the coronavirus could cause a ripple effect through generations to come. Parents and grandparents are worried the pandemic has postponed plans to save for major expenses for their loved ones such as university fees, first homes and weddings. Emma-Lou Montgomery, associate director for personal investing at Fidelity International, says: “The impact of Covid-19 will ripple through generations for years to come. Pay cuts, job security concerns, volatile markets, and a possible recession are just some of the reasons why many of us have had to re-think life events. “In addition to the financial repercussions of the crisis, the pandemic has increased concerns about our health, infrastructure, and simply how unpredictable life can be – prompting many of us to question some of the big choices we might previously have made. “Many people have been forced to put some of their life plans on ice. Investors must now take stock of their financial future and work out what impact the pandemic has had upon big life events; parents and grandparents might not be able to offer younger family members a full house deposit, travel plans may take longer to save for, or it might feel right to wait until the picture is clearer before starting a family. “By assessing what they can do to relieve some of the anxiety caused by the pandemic, investors can take steps to feel more in control.” Click here to view original web page at www.yourmoney.com Read the full article

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One week left for self-employed to claim up to £7,500 grant

The army of self-employed people who have been negatively impacted by coronavirus have one week left to apply for the first instalment of the government grant worth up to £7,500. The government’s Self-employment Income Support Scheme (SEISS) opened to applicants in mid-May. It allows those eligible to receive a taxable grant worth 80% of average monthly profits based on the last three years of tax returns, up to a maximum of £2,500 a month, so £7,500 in total. This first grant can be claimed up until Monday 13 July. A second and final grant will be available from August (business adversely affected on or after 14 July 2020), worth 70% of people’s average monthly trading profits, capped at £6,570 in total. You can make a claim for the second grant even if you don’t make a claim for the first grant. Latest statistics reveal claims made by self-employed workers who are struggling during the pandemic stand at 2.6 million. The total value of claims made under the grant scheme is £7.7bn. Are you eligible for the Self-employment Income Support Scheme? You can apply for a grant if your business has been adversely affected by coronavirus and you filed a self-assessment tax return for 2018/19. You must earn at least half of your income through self-employment and have trading profits of no more than £50,000 a year. If you’re not eligible based on your 2018/2019 tax return, HMRC will look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019. You should have been contacted by HMRC if you’re eligible for the scheme. But if you haven’t heard from HMRC, you can find out if you’re eligible using this online tool. Click here to view original web page at www.yourmoney.com Read the full article