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BUDGET 2008: No respite for FTBs

The chancellor Alistair Darling’s maiden Budget offers no real respite for first-time buyers says’s managing director Helen Adams.

She says that the the governent continues to leave the next generation high and dry by offering almost no relief in terms of tax or Stamp Duty.

She says: “Simply allowing shared ownership property buyers only to have to pay Stamp Duty when they own 80% of the property will benefit very few individuals.

“We welcome development of the shared equity Open Market HomeBuy scheme next month lowering the proportion of the property that purchasers will need to fund themselves, although it is disappointing that these enhancements will only aid key workers, not the other hundreds of thousands of others keen to invest in their own future.

“The solution for first-time buyers who are not key workers is to consult their parents and benefactors about how they can release some of their property wealth to help them move forward. The future of home-buying for first timers is in co-financing or co-ownership.”


Base refusing new brokers

Base Commercial Mortgages is no longer accepting broker registrations.The lender says the decision has been made following a rapid increase in the number of new business enquiries being received, resulting from competitors withdrawing products and services from the commercial mortgage market. Base will continue to accept applications from brokers who are already registered but will […]

AMI welcomes BoE loan facility

The Association of Mortgage Intermediaries has welcomed the Bank of England’s move to extend its loan facility.AMI believes the £10bn offer of three-month loans against a wider than usual range of collateral may help to alleviate current problems in the banking industry.Richard Farr, director of AMI, says: “Although not a long-term solution to the liquidity […]

Wesleyan to grow sales force by 50%

Wesleyan Assurance Society is growing its sales force by 50% creating jobs for over 100 financial consultants.The firm provides tailored financial services for doctors, dentists, lawyers and teachers and expects the full recruitment process to take two years.Wesleyan is establishing its own training academy to ensure that it can fill the vacancies with candidates of […]


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