A new scheme means first-time buyers can now buy a house without needing a mortgage. The pioneering scheme has been introduced by Unmortgage and is similar to the Government’s shared ownership system. It lets first-time buyers get on the property ladder by purchasing a share of a property before paying rent on the rest, reports Manchester Evening News . This means you'll part-own your home with Unmortgage's investment partners instead of paying a loan. Here's everything you need to know about the Unmortgage scheme: How does the Unmortgage scheme work? First-time buyers will have to pay at least 5 per cent of the deposit for your new home. Unmortgage requires new customers to pay at least £12,500 to use the service. You can then buy up to 5 per cent more of your home each year, up until a maximum of 40 per cent. After reaching 40 per cent, Unmortgage expects buyers to either buy the rest of the property with cash or with a mortgage. You'll only … [Read more...] about How first-time buyers can now buy a house without a mortgage
How does stamp duty work
If you're looking to get on the property ladder we have some good news for you. First-time buyers can now buy a house WITHOUT needing a mortgage, thanks to a new scheme. The scheme, by Unmortgage , works in a similar way to the Government’s shared ownership system, which lets first-time buyers purchase a share of a property before paying rent on the rest. So instead of paying a loan, you'll part-own your home with Unmortgage's investment partners. However, both schemes share some key differences. Unlike shared ownership, it's not just available on new builds, giving you more choice in the kind of property you buy. Once you're in, you'll be able to increase your share as often as you want. The scheme also eventually allows you to buy 100%of the property as opposed to the 40% cap in shared ownership schemes, the MEN reports. Here's everything you need to know about the Unmortgage scheme: How does Unmortgage work? If you’re … [Read more...] about How first-time buyers could buy a home WITHOUT a mortgage
The years of May are over, the weeks of speculation are finished and Boris Johnson has taken up the task of working out what Brexit should be and how to deliver it. No big deal. What that means for Brexit, for the UK, for the unsteady Parliament remains to be seen. We don't yet know what this means for the pounds in our pockets and the balances of our budgets. We’ll tell you what’s true. You can form your own view. From 15p €0.18 $0.18 USD 0.27 a day, more exclusives, analysis and extras. Subscribe now But there have been some pledges and promises already, so it is possible to work out some of his intentions. Here’s what we know about what the new Prime Minister has in store for our finances. Whether he can deliver on his promises will soon become clear. The care crisis may stop getting kicked In an opening speech heavy on spending pledges there was one that stood out. He claimed that the social care crisis was soon to be sorted, without requiring … [Read more...] about What does Boris mean for your bucks?
The owners of a £2million luxury two-bed flat in Kensington have refused to give the property to the winners of a £10-a-ticket raffle after just £227,000 was raised. Property developers Jonny Jackson and Harry Dee offered the two-bed flat — located on the famous Exhibition Road next to the Victoria & Albert Museum — in the raffle but did not sell enough tickets. Despite needing to flog 200,000 tickets to make enough from the raffle to fund the £2million cost of the property, seven months after the competition was announced just £227,000 worth had been sold. The pair wanted to guarantee the two-bedroom flat, which is also moments away from the Science Museum and Hyde Park, they had just renovated would sell while at the same time as giving a lucky punter a 'lottery win'. But the winner can now expect a measly £53,500 in prize money while the property owners say they will keep £173,500 of the … [Read more...] about Owners REFUSE to hand over £2m Kensington flat after £10 raffle
Thursday, 16 May 2019 8:04 PM The Chartered Institute of Taxation (CIOT) is appealing to the Government to hold off on adding further complexity to the taxation of residential property after a spate of changes in recent years, or risk further confusing the public and those involved in property transactions such as conveyancers. The CIOT set out its concerns in a response to the recent consultation on the planned one per cent Stamp Duty Land Tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland.1 A final date for the surcharge is yet to be set. The Government believes that non-UK resident buyers are pushing up house prices for UK residents. In the 2017 Better Budgets report, CIOT, the Institute for Government and the Institute for Fiscal Studies highlighted that once tax changes have been implemented, there is little scrutiny to hold government to account for the impacts of the policy. The report argued for effective and routine … [Read more...] about Call for a timeout on tinkering with property related taxes