Feature: Catering for post-pandemic life
Coronavirus has undoubtedly changed the world but how will it change the UK mortgage market? Emma Lunn talks to the experts
By Emma Lunn
Excluding the dark days and high death rate of January, 2021 has so far been a cause for optimism. The coronavirus vaccination programme is going well and the end of lockdown restrictions is in sight.
But how will the mortgage market react to a radically altered world? Are we likely to see a spate of niche products tailored to the new ways we live and work?
The Intermediary Mortgage Lenders Association’s recent report – The New Normal – identified the 31 March stamp duty holiday deadline as the single biggest barrier to the market’s recovery in 2021.
Homebuyers are increasingly being incentivised to purchase energy efficient properties by some mortgage lenders via cashback offers.
Nationwide Building Society has joined NatWest and a number of others in offering cashback and incentives to those buying a property with a high energy efficiency ratings.
Nationwide s green reward is offering homebuyers £500 cashback when purchasing a property with a Standard Energy Procedure rating of 92 or above – the equivalent of an EPC rating of A.
Green rewards: Those purchasing a home with a Nationwide mortgage will receive £500 cashback if their home has an EPC rating of A
One of Britain s biggest lenders is also offering £250 cashback to any of its mortgage borrowers buying a property with an SAP rating of 86 to 91 - equivalent to a high EPC rating of B.
Green mortgages: Nationwide latest lender to offer cashback thisismoney.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisismoney.co.uk Daily Mail and Mail on Sunday newspapers.
“Some lenders, such as Barclays and Santander, require both parties to meet the first-time buyer definition, whereas Halifax and NatWest allow – in the case of a joint application – for only one party to meet the definition. Other lenders define a first-time buyer as someone who has never held a mortgage or owned an unencumbered property in the past 12 months.”
If you have saved into a help-to-buy Isa or a lifetime Isa and want to use the money as a deposit, you will still get the government bonus even if your partner has owned before.
Are house prices going to keep rising?
First-time buyers: how you can get a foot on the property ladder theguardian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theguardian.com Daily Mail and Mail on Sunday newspapers.