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New-build loans will fail to strengthen property chains

Can’t anyone else see that the government’s proposed 30% interest-free loans for first-time buyers won’t get the market moving? The simple reason is that the scheme will only apply to new-build properties.

Why doesn’t it apply to first-timers purchasing existing properties as well? If it did it would help to create property chains. As it stands the scheme won’t strengthen the market.

Those properties currently not selling will remain in limbo. Estate agents will shift even fewer units because first-timers will only buy new-builds. It’s time for yet another rethink.

Kevin Thornton

MT Financial Services

By email


Nationwide may shut centres

Nationwide is considering closing five processing centres in an effort to streamline its business. Centres in Swansea, Belfast, Southampton, Rayleigh and Sevenoaks are being assessed as part of the 30-day consultation. Nationwide has refused to comment on possible redundancies.

Market Watch 15/09/2008

Swaps fell a bit but haven’t changed much in the past few weeks. Three-month Libor edged down to 5.71%.

Brown on kazoo, nobody on trumpet

At last, the government’s mortgage rescue package has been announced and what a surprise – it amounts to little more than window dressing.

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]


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