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Prescott to curb Right to Buy next week

Council tenants will see their dreams of owning their homes dashed next week when John Prescott curbs the Right to Buy scheme.

Sources in the Office of the Deputy Prime Minister say Mr Prescott will next week announce plans to halve discounts in property hotspots, claiming the action is necessary to stop developers.

The moves, revealed in Mortgage Strategy magazine earlier last year, have already sparked panic buying by tenants desperate to become owners before the crackdown takes effect.

So far 1.7million tenants have taken advantage of the scheme since it was introduced in the early 1980s.

Tenants currently qualify for discounts of up to £38,000 in the South East and up to £22,000 in the North East. But under the new plans councils will have to limit price reductions to less than £20,000.


Mortgage Next forms alliance with AXA

Independent mortgage distribution network Mortgage Next has formed a strategic alliance with AXA Adviser Network as part of AXA&#39s Mortgage Solutions. This integrated support package provides advisers with a market wide choice of lenders through a customised Trigold mortgage aggregator package backed up by a general insurance and compliance support package. Mortgage Next will provide […]

Flood advice from the Association of British Insurers

With many parts of the country experiencing flood warnings, the Association of British Insurers is reminding policyholders not to get bogged down. The ABI advises homeowners to keep up-to-date with the flood situation, through local radio and the Environment Agency&#39s Floodline (0845 988 1188 ). And it says those worried about flood risks should keep […]

New year resolutions for mortgages

Britannic Money is urging brokers to help borrowers get their mortgage in shape for the new year. The lender highlights five key checkpoints for a healthy mortgage. These are: • Payment holidays – does the lender let their clients take payment holidays when needed? • Daily interest – interest calculated this way could save a […]

First year success for Genesis Approved

Genesis Approved, the mortgage club of Genesis Home Loans, has reported a successful first year of operation. Frank Thurlby, head of club operations, says: “Genesis Approved has exceeded all the targets it set at the beginning of the year. Our most important objective was to grow the membership to 400, which was actually achieved in […]


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