Mortgages

The Financial Conduct Authority has said firms should consider a range of support options – including waiving or reducing payments – under new proposals to help mortgage customers who are still struggling once coronavirus-related payment holidays end on 31 October 2020.

The financial regulator has proposed a change to its rules which could make it easier for 10,000s of borrowers in 'closed mortgage books' to switch to a cheaper deal – though it will be up to lenders whether they actually carry out the change.

Most homebuyers in Scotland and Wales soon won't pay transaction tax on the first £250,000 of a property's purchase price, under temporary measures announced by the devolved administrations in the wake of the stamp duty cut in England and Northern Ireland last week.

Homebuyers won't pay stamp duty on the first £500,000 of a property's purchase price, in a temporary measure announced by the Chancellor today. 

Those struggling to pay their mortgage due to coronavirus are set to be able to extend their payment holidays for three more months, or start making reduced payments, in proposals published today.

New information uncovered by MoneySavingExpert.com indicates taking a payment holiday on your mortgage or other forms of credit could have an impact on future credit applications despite promises that credit scores won't be affected.

The Government has urged those with imminent house moves to delay their moving date while measures are in place to stop the spread of coronavirus.

Some First Direct mortgage customers will see their payments increase – while others will be in line for money back – after an error meant some customers' monthly payments were miscalculated.

The Economic Secretary to the Treasury, John Glen, has responded unsolicited to news that MoneySavingExpert.com founder Martin Lewis is funding academic research to try to find solutions to release 250,000 mortgage prisoners. 

The competition watchdog says it has found evidence of potential mis-selling and unfair contract terms in the leasehold housing sector, and is set to launch enforcement action.