View more on these topics

BUDGET 2008: Your Move slams inaction on Stamp Duty

Your Move estate agents claims the chancellor Alistair Darling has failed to help first-time buyers through his inaction on Stamp Duty.

David Newnes, managing director of Your Move, says: “The chancellor has ignored the need for a boost in the property market – and that was a big mistake.

“The UK market is feeling the squeeze as access to credit tightens. Industry experts are predicting a drop in activity in the housing market in 2008.”

Newnes believes many first-time buyers need to borrow in excess of the value of their home to cover moving costs, fees and Stamp Duty.

He adds: “If Darling had given them a Stamp Duty holiday the surplus costs of buying a home would have dropped significantly. That would allow first-time buyers to get a step up onto the property ladder. The chancellor has failed to acknowledge the effect the credit crunch has had on first-time buyers’ ability to borrow.”

Newnes claims the Bank of England is now under more pressure to cut the base rate next month to give borrowers relief.


Packagers call for TCF treatment from lenders

Packagers want lenders to apply the Treat- ing Customers Fairly initiative to them.The demand comes despite the Financial Services Authority emphasising that TCF is only designed to protect consumers.Nevertheless, packagers say the regime would stop lenders from failing to provide them with notice about product changes and cuts to administration fees.Vic Jannels, chairman of the […]

Paragon to make 93 redundant

The Paragon Group is set to make 93 members of staff redundant as it looks to streamline its mortgage business.Paragon Mortgages and Mortgage Trust will be merged into a multi-national multi-brand company with a single sales team headed by Andrew Lees.Mortgage Trust’s head of sales Austin Jelfs will be leaving to pursue other interests. Paragon, […]

Solent launches online product research service

Solent Mortgage Services has launched an online product research service to help brokers undertake independent product research.Called Solent Enquiry to Application System and available through the Porthole, SMS’s online portal, it enables brokers, regardless of the mortgage platform they use, to upload client information and, by engaging the module, undertake in-depth product analysis from which […]

TFC to offer Kensington prime range

TFC Homeloans will provide brokers with Kensington’s prime range of mortgages.The packager has distributed Kensington’s sub-prime range for many years and has now expanded its proposition to include the lender’s prime offering. Jennifer Wilson, marketing manager at TFC, says: “Just under two weeks ago Kensington announced that it had chosen a panel of key distribution […]


News and expert analysis straight to your inbox

Sign up