Mortgage and Insurance Blog

Date - 26th May 2021

Written by Richard Johnson

 

Hello again readers,

I hope you are all keeping safe and well and If you need any assistance with your mortgage finance or insurance needs, please feel free to email / call me and I will be happy to help.

It has been a busy week in the interest rate world with Saffron, Loughborough, Furness, Leeds, Accord, Paragon, Leek, Kent Reliance and West Bromwich all announcing changes.

 

In criteria news, Nationwide amend the rules on property type.

Ipswich announce a change to Visa requirements.

Metro announces a change to maximum number of tenants on a tenancy agreement. Metro also makes changes to their rental calculation.

Tipton announce a change to their rules on property annexes.

 

In wider news, a couple of similar stories in the last couple of days show how heated the market is at the moment. Firstly, a record one in three properties sold for higher than their asking price in April as supply fell to its lowest level since 2002, figures from NAEA Propertymark showed. 

There were just 27 properties per estate agent branch, down from 31 in March. According to Propertymark, this was near the low seen in December 2002 when there were just 25 available properties per branch. For each estate agent branch registered with the association, there was an average of 427 house hunters, up from 409 in March. 

This meant there were 16 potential buyers for each available property. 

 

And also …

 

Just under half of sellers listing their homes for sale since the government’s stamp duty holiday extension in March had an offer agreed in under a month, according to Andrews Property Group. 

This is more than double pre-Covid figures in 2020 where around 20 per cent of properties listed with the group sold within 31 days.

But a lack of supply of new homes being listed could lead to a drop off in sales.

According to the group, buyers have been “highly motivated” to buy quickly since the stamp duty holiday deadline was extended to June, leading to shortened buying time.

This trend has been seen across the market as HMRC figures from the first quarter showed a 53 per cent surge in transactions compared to the same period last year.

 

 

In Insurance news, Royal London has followed Aviva and relaxed its Covid underwriting requirements. Royal London announced that following the removal of the restrictions to its underwriting policies, put into action last year, it will continue to ease other restrictions with the objective of returning to "a pre-pandemic underwriting philosophy."

The easing applies to all new applications, any on-going applications, and any case where terms have expired or that require a further underwriting assessment.

I hope you found this post of interest and feel free to get in touch with me if you need any help with your mortgage or insurance needs,

 

All the very best,

 

Richard Johnson

Cert CII (MP), CeCM, AdvCemap, CeRGI

Mortgage and Insurance Consultant.

Mobile Phone ; 07881802962

Office : 0208 245 8464 direct dial

Email : richard@rjmortgagefinance.co.uk

 

 

 

 

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