buyers | Common News Update

Feb272021 by adminNo Comments

Budget 2021: Mortgage guarantee to help buyers with 5% deposit

Business

PA MediaA mortgage guarantee scheme to help people with small deposits get on the property ladder is set to be announced at next week's Budget.The government will offer incentives to lenders, bringing back 95% mortgages which have "virtually disappeared" during the pandemic, the Treasury says.Chancellor Rishi Sunak says he will use the Budget to level with people about the pandemic's impact on the economy.Amid the crisis, government borrowing reached £271bn for the financial year. That is £222bn more than a year ago and has pushed the national debt to £2.13 trillion.Explaining the government's economic response to the pandemic, Mr Sunak told the Financial Times: "We went big, we went early, but there is more to come and there will be more to come in the Budget. But there is a challenge [in...

Jul132020 by adminNo Comments

Nationwide offers 90% mortgages to first-time buyers

Business

The Nationwide will lower the minimum deposit it requires from first-time buyers to 10% from 20 July.The UK's largest building society had restricted its mortgages in June in response to the coronavirus crisis.But Henry Jordan, director of mortgages, said "we feel it is the right time to enhance our lending".It follows the government's announcement of a temporary stamp duty holiday for people in England and Northern Ireland.Homebuyers will pay no stamp duty on the first £500,000 of their purchase under the tax break, which will last until 31 March.Amid signs that the UK housing market is picking up, the Nationwide will offer an unlimited number of 90% loan-to-value mortgages to first-time buyers.Since June, only customers with 15% deposit had been able to...

Dec12019 by adminNo Comments

SUV buyers favour petrol models as BS-VI nears

Finance

New Delhi: Petrol is fast emerging as the fuel of choice for SUV buyers in India, marking a shift in consumer preference in a segment where diesel has traditionally ruled the roads. As much as 35 per cent of all utility vehicles sold in the local market in September 2019 run on petrol, as against a modest 17 per cent just a year back. With the price differential between petrol and diesel vehicles set to widen with the transition to BS-VI standards, the trend will accelerate in the coming months, said industry veterans. Petrol will dominate sales of small and midsize SUVs after BS-VI kicks in, said Shashank Srivastava, executive director (marketing and sales) at Maruti Suzuki, adding, it is only in large sports utility vehicles that diesel options will remain relevant. In Maruti Suzuki’s Er...

Oct92019 by adminNo Comments

Thomas Cook buyers pledge to save 555 shops and 2,500 jobs

Business

All 555 Thomas Cook shops are to be bought by rival Hays Travel in a move that could save up to 2,500 jobs.The independent travel agent said the move gives it shops in areas where it had little or no presence, including Scotland and Wales.John Hays, who set up the Sunderland-based firm 40 years ago, said he hoped the shops would reopen within days.It had been an emotional day, he said, with many staff crying when they were told their jobs were saved.He said it was difficult to give cast-iron guarantees about every Thomas Cook shop, because there would now be talks with individual landlords. However, "it is certainly our intention to take on all the staff; to welcome them back," he added. The shops will be branded under the Hays n...

Aug22019 by adminNo Comments

Taking measures to protect home buyers, Centre tells SC

Finance

New Delhi: Prodded by the Supreme Court to frame policy to protect the interests of homebuyers, the Centre on Thursday told the court it is taking steps to rescue real estate companies facing insolvency proceedings and holding consultations with various ministries to chalk out a plan. Appearing before a bench of Justices A M Khaneilkar and Dinesh Maheshwari, additional solicitor general Madhavi Divan informed that the government has introduced a bill in Parliament to amend Insolvency and Bankruptcy Code to smoothen the insolvency proceedings and the finance ministry will also be holding a meeting on Monday to take a decision on giving tax concessions to beleaguered real estate firms to lessen their liability. The Centre’s proposal intends to attract other companies to make a bid to take ov...