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Government sends estate agents definitive HIP date

The Department of Communities and Local Government has sent a leaflet to all estate agents in England and Wales that prominently states that Home Information Packs will become law on June 1 2007.

Hipstar says this is the most proactive statement to date to confirm that there is no likelihood of a deferment to the HIP programme.

The leaflet, titled Home Information Packs, is your business prepared?, outlines the obligations and duties of an estate agent, the contents of a HIP and advises agents to choose a HIP provider.

Stephen Maskens, chief executive of Hipstar, says: It really is about time that the government engaged directly with estate agents to dispel some of the doubt that HIPs will arrive on June 1.

“It is a fact that many estate agents and mortgage brokers still have very poor knowledge levels about HIPs and are unprepared to implement them.


Beacon relaxes near prime criteria

Beacon Homeloans has adjusted the criteria of its buy-to-let near prime product range. Previously, borrowers with County Court judgements over £300 were not eligible for the near-prime buy-to-let product but this has been amended and applicants with CCJs up to £1,000 can now qualify.

Mortgages PLC cashback offer

Mortgages PLC has launched an exclusive cash- back deal for packagers. £300 cashback is offered on all heavy and unlimited mortgage applications submitted via packagers.

Scots borrowers get a break

Kensington Mortgages is looking to bring in new affordability criteria on remortgages for Scottish borrowers who have signed protected trust deeds.

Dear Delia

Dear Delia, Wayne has inherited 50,000 and wants to buy a holiday home. He will rent the property out and occasionally use it for family holidays. He has seen a property in Cornwall for 250,000. He is earning sufficient income to support his mortgage and commitments and support the new loan but he can’t find a lender who will lend up to 80% LTV for a holiday home he may use himself. What are his options?


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