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HIPs will cause problems for people wanting to downsize

After the government’s latest U-turn, only houses with four bedrooms or more will require HIPs. Many pundits have latched on to the problem of defining what constitutes a four-bedroom house, but what about the owners of properties that clearly have four bedrooms or above but wish to downsize to three-bedroom houses?

These poor souls will not only have to buy HIPs but also pay for new searches. Why should they be responsible for the cost of searches at the time of purchase as well as sale?

Perhaps communities secretary Ruth Kelly could give me an answer.

Kevin Mitchell
Blueprint Mortgages
By email


Advantage changes self-cert criteria

Advantage has changed the criteria of its self-cert product. First-time buyers now have access to an increased LTV of 90%, up from 85%. In addition, fees can now be added up to a maximum LTV of 97%.Aimed at the mainstream market and launched in March this year, Advantage’s self-cert range of products is available to […]

Merrill in frame to back Prust’s new lender

Rumours are rife that Merrill Lynch will back the new lender headed by the ex-Southern Pacific Mortgage Limited dream team of John Prust, Bill Cherry and Stuart Aitken.Prust left SPML in February and the rumour at the time was that he would join Cherry, former managing director of SPML and Aitken, former director of credit […]

Energy assessor numbers up 50% in two weeks

The number of qualified energy assessors has grown by 50% in the past two weeks to nearly 800, The Partnership has revealed. A further 1,200 candidates have applied for accreditation.Peter Ambrose, director of The Partnership, says: “Over the past two weeks, we have been inundated with requests for information by qualified energy inspectors ready and […]

Lib Dems warn more could struggle

The Liberal Democrat Party has warned that more than the predicted one million home owners may be affected by rising mortgage rates.Its warning follows research by Mortgage Advice Bureau that up to one million home owners could get a financial shock when their two year fixed rate deals run out and they are put on […]


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