Skipton Building Society is gearing up to launch a 100% mortgage aimed at trapped private renters who do not have access to Bank of Mum and Dad 🏠 But Victoria_Spratt says this new product is a sharp double-edged sword Read her latest newsletter here ⬇️
A homebuyer who takes out a 100 per cent mortgage is in a more vulnerable position than someone who had a significant deposit if house prices fall because they have no equity to cushion them if their home goes down in value.
Sabrina Hall notes that there will be affordability checks carried out by Skipton which could limit the number of people who can use the loan in the first place. “There is also an affordability check in the background, Skipton are applying a loan to income ratio which is capped at 4.49 times an applicant’s income which could rule out people in higher value areas like London where the average house price versus the average salary differs quite a lot,” she added.
“In these results there is one theme that stands out above all others for me is that we cannot out-Nimby the Liberal Democrats and the Greens, so one aspect of policy that does need to change and change as a matter of urgency is our housing policy,” he said. Labour, meanwhile, have been quick to respond in the wake of these Conservative losses and clearly noticed that housing is going to be a key for voters in 2024.that plans being drawn up for their manifesto will pledge that a Labour government would increase the stamp duty paid by foreign buyers of UK property while also restricting the sale of new-build properties to overseas investors.
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