Sam Woods: Mutual interests
Sam Woods: Mutual interests
Speech by Mr Sam Woods, Deputy Governor for Prudential Regulation of the Bank of England and Chief Executive of the Prudential Regulation Authority (PRA), at the Building Societies Annual Conference, 5 May 2021. Central bank speech |
Introduction
It s very good to be back at the Building Society Association s Annual Conference. Last time I spoke at the conference we were all in the QEII conference centre and the BSA was celebrating its 150
th birthday by listening to a speech from me, which illustrates the powers of endurance the industry possesses.
Mike Regnier had also just been announced as the new Chair of the BSA, and celebrated this by peppering me with awkward questions, just like he used to do at the business school in France where I first met him in 1998. As today is his last day I m worried he is going to ask me even more difficult questions, in which case I think he will find that the W
HomeNewsLoans Should I use a bridging loan to get stamp duty saving? Published: 22/12/2020 Share
The stamp duty holiday is set to come to an end 31 March 2021. The scheme removed stamp duty fees on properties up to £500,000 has helped to keep the housing market vibrant during the Coronavirus pandemic. However, mortgage lenders and surveyors are still catching up on the pent- up demand from when the market stopped during the Spring. The result is those wanting to buy a property now may find they cannot complete their mortgage in time to make their stamp duty saving.
Those needing to complete their mortgage quickly should check with their lender or mortgage broker that they can process their application and valuation quickly enough to meet the stamp duty deadline. If there is the risk this date may not be met, then a faster alternative is a bridging or secured loan. Recent data has shown that the average number of days to complete loans lik