At trufe. we care about you and your financial wellbeing. With England's second Lockdown now upon us, we thought that it would be good to check in and provide you with some of the latest developments.
Property Market will Stay Open in Lockdown
Home movers will be able to take advantage of the stamp duty holiday over the next month as the housing market keeps moving. It was confirmed by the Royal Institute of Chartered Surveyors (RICS) that renters, homeowners and buyers will still be able to view and move to a new house throughout November's lockdown.
The government has made an 11th hour extension to mortgage payment holidays - which were due to finish at the end of October. Borrowers that haven't taken a mortgage holiday will still be able to do so, with payments being paused for six months. Those who already have a holiday can't extend it until it reaches the six-month limit. Firstly, it is important that you do not cancel your direct debit without first getting authorisation from your lender.
It is also worth pointing out that the term 'holiday' is a little misleading, we prefer the term payment deferrals as there could be long term implications. It is important that if you can continue to make payments, you do so. We would recommend that you talk to us first as there may be other options available to you.
Support for the Self-Employed
Self-employed workers in England who were expecting to receive a third grant of 55% of trading profits for November to January (capped at £5,160) will now be eligible to receive 80% of trading profits, capped at £7,500 for the quarter.
This is up from the original Self-employment Income Support Grant (SEISS) extension which was going to cover just 20% of profits up to a maximum of £1,875 before the announcement of a second lockdown in England.
Furlough Scheme Extended
The original furlough scheme was due to end in October however, yesterday the chancellor announced that the Coronavirus Job Retention Scheme (CJRS) will now run until the end of March 2021. It will provide 80% of wages for hours not worked, up to a cap of £2,500 a month.
Stamp Duty Exemption - a Reminder
You may be aware that the Government and devolved Governments across the UK have agreed stamp duty exemptions until 31st March 2021. This could benefit residential home buyers, with potential tax savings of up to £15,000, but due to the high level of transactions in the property market right now and the increasing time it is taking to complete legal searches, time is running out to take advantage.
If you are a seller, but have not yet got a buyer for your home, you should speak to your agent about identifying a solicitor who could start applying for the searches for a property you may look to purchase to avoid delays later in the process. If you are a buyer, you should ensure that the vendors have this in hand as soon as you agree a deal. Act fast as time is quickly running out, with many solicitors or conveyancers unlikely to accept new instructions in the near future.
Whether you are looking to move home, or have any questions regarding your current financial arrangements, please do not hesitate to get in touch. We will help you where we can.
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trufe. is a trading name of Green FS Ltd (FRN 833558) which is an appointed representative of HL Partnership Limited, who are authorised and regulated by The Financial Conduct Authority..
The Financial Conduct Authority does not regulate commercial lending, secured or unsecured loans and some forms of Buy to Lets. Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.
Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
Green FS Ltd is registered in England and Wales with company number 11605501. Registered office address is trufe. Empire House, Lewisham Road, Slaithwaite, West Yorkshire, Hd7 5AL.
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