As expected, the weekend’s financial press focused on the Budget ‘winners and losers’, and in particular First-Time Buyers.
The stamp duty cut looks set to benefit a significant number of people, with first-timers expected to save an average of just over £1660, according to the Sunday Express. Experts in the Sunday Times were keen to highlight the Treasury’s definition of a First-Time Buyer however, as this will not necessarily be the same as that of a mortgage lender.
The Times revealed that one high street bank has already re-introduced its higher loan-to-value mortgage range, and brokers predicted that more deals aimed at First-Time Buyers will follow from other lenders.
Lender criteria could also prove to be an issue when it come to the new ‘Universal Credit’ benefit, reported the Guardian. One major issue is the fact that it is a fully online system and no paperwork is provided to confirm receipt of the benefit, which is causing problems for lenders who still require written proof of income. Many will therefore not accept this type of benefit at all, simply because they are unable to separate the different components.
What the papers said about First-Time Buyers and Stamp Duty