Article(s) associated to this keyword
- Welcome Rate Cuts for Mortgage-Owners
- Markets Face Meltdown After Rescue Plan Rejection
- Stamp Duty Holiday Arrives
- Calls For Stamp Duty Overhaul To Boost Property Market
- New Rules For New Builds
- CML Cuts Back Its Mortgage Forecast
- PM Brown Announces Measures To Improve People’s Finances
- Banks Move To Single Day Transactions
- Abbey And Nationwide Provide Some Respite
The Bank of England unexpectedly cut its base rate by 0.5% yesterday, bringing financial relief to thousands of homeowners as monthly mortgage repayments will now fall.
The US bail-out plan for banks was rejected on Monday. As a result financial markets around the world went into free-fall. More banks went under, and others are expected to follow. President Bush will make another attempt at a rescue plan later in the week.
The Government has announced that the starting threshold for stamp duty will be temporarily increased to £175,000. The measure comes into force on 4 September. It is said to be to help individual families in these difficult times.
The Royal Institution of Chartered Surveyors wants stamp duty to be overhauled so that the property market can get moving again. The Treasury is making eight times as much from stamp duty now as it did when Labour came to power in 1997. RICS wants changes so that the tax remains fair.
In the difficult market, builders and developers have been tempting buyers with incentives, but these have not always come to the attention of lenders. To protect lenders, and buyers from the threat of negative equity, new rules will be brought in.
The CML has cut is forecast for house prices and property transactions for 2008.
As the UK economy lurches towards recession, Gordon Brown is expediting measures aimed at improving the finances and lifestyles of people - especially those with low incomes.
Banks have been criticised on several fronts recently, but they are putting system in place to allow single-day cash transfers between different banks. The Faster Payments Service begins on 27 May.
Abbey and Nationwide were able to cut some mortgage rates last week, but it is not expected to be part of a downward trend
