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Happy New Year and please find our first Mortgage Memo of 2021 below…
This is our take on recent news in the mortgage market. Our views are often cited in several national publications, including; BBC News, The Times, Telegraph, City AM, FT Adviser and Daily Mail, as well as a number of key trade publications, so this should keep you ahead of the curve. If you have any questions on any of these stories, or would like further information, please do not hesitate to get in touch.
At a glance:
Brexit deal leads to a surge in enquiries from overseas buyers
After what feels like an eternity a Brexit deal was finally agreed and is now in action. Whether the deal was good or bad is not particularly relevant in this context, what it does bring is certainty and this has seemingly led to a surge in enquiries overseas buyers, both expats and foreign nationals looking to purchase UK property and thus requiring finance.
Big rush expected as buyers look to beat the SDLT deadline… but will they make it through?
The Treasury had stated that there will not be any extension to the SLDT holiday, and thus those buyers looking to make savings need to get their skates on. As we have discussed before all parts of the property purchase and sales process are under pressure, from solicitors to lenders and thus the process is taking far longer than usual. We suspect there will be a huge demand in the coming weeks, depending on whether a more stringent lockdown is brought in or not, and we will likely see many buyers missing the deadline.
With Bitcoin at a record high will more lenders start accepting it as a form of deposit capital?
Bitcoin has recently surpassed the $30,000 mark and appears to continue to climb as investor seek to diversify and institutional investors look to capitalise on the potential gains in the crypto markets. So, what does this mean for those who hold enough Bitcoin to use as a deposit for a house? Part of Bitcoin’s appeal is that it exists outside of the mainstream, but this is precisely why it is also difficult to use with purchases that require scrutiny such as property transactions. It has historically been linked to nefarious activities due to its difficulty in tracking transactions and the fact you do not need a bank account with the usual verifications to hold the currency and thus lenders are wary of it, and thus there are only a handful that will accept Bitcoin (once sold to pounds of course) as a means of a deposit, but this does include some mainstream names.