View more on these topics

HIP change will hit downsizers

Sellers looking to downsize from four-bedroom properties could be left hundreds of pounds out of pocket following the government’s decision to alter Home Information Packs’ criteria.

After August 1 and for the foreseeable future, HIPs will only be required on homes with four bedrooms or more.

This means home owners looking to downsize from four-bedroom properties will have to pay for a HIP, plus the additional costs of local searches on the smaller homes they are buying.

Kevin Mitchell, a broker at Blue Print Mortgages, says: “Downsizing is common once the kids leave home but these people will be hit by unnecessary charges. The four-bedroom rule is farcical – people will have to pay twice.”

Paul Broadhead, deputy directorgeneral of the Association of Home In-formation Pack Providers, says: “If the government acts now it shouldn’t be too much of a problem. If energy assessors and home inspectors can be acc-redited quickly, HIPs will soon be rolled out to smaller properties too.”

l See Letters, pages 46-47


Estate agents make a killing

Estate agency Wow estimates that the UK spends £3.5bn on estate agency fees every year. When the financial advice offered by many estate agents is factored in, the sum rises to about £5bn a year.

Cheval offers same-day deal

Cheval has unveiled a same-day closed bridging product designed to minimise bridging loan costs for borrowers.The same-day closed bridge means bridging loans are redeemed the day they are taken out, doing away with the need for consumers to pay interest over an extended period. To take advantage of the product, borrowers must have the means […]

Nemo launches loyalty scheme

Nemo Personal Finance is launching a loyalty scheme called Quarterback, which gives its secured loan customers a quarter of their interest back after 10 years. Nemos latest offering will typically be taken out by customers wanting to consolidate their debts or make home improvements. It works by giving customers who take out a secured loan […]

Godiva launches fees-free deals

Godiva Mortgages has launched two fee-free products in its buy-to-let and self-cert ranges.The buy-to-let flexx, which has a rate of 6.35%, and the self-cert flexx, which is at 6.25%, are both available up to 85% LTV. Both have free valuations, free legal fees for remortgages and no early repayment charges. There is also no booking […]

Artemis Investments’ Outlook for 2016

Political change and the ‘normalisation’ of interest rates mean 2016 is likely to be another interesting year. But what will it bring for equities – and bonds? Here, a number of Artemis’ managers share their views. Click here to read the full article


News and expert analysis straight to your inbox

Sign up