The mortgage market is still reeling from the emergence of the credit crunch last August. When the chancellor, Alistair Darling makes his Budget speech tomorrow, we will all be waiting with bated breath.
It will be made by the first chancellor to preside over a run on a UK bank since savers lined the streets outside Overend, Gurney & Co in 1866.
At Solution Mortgages, like the majority of mortgage brokers in the UK will be hoping for a mortgage market friendly budget.
The global credit crisis has the potential to bring the home buying process to a standstill and there is a danger that the first-time buyer and seller markets could collapse.
The crisis has forced some lenders to pull back from the 95% LTV market and those offering 90% LTV are becoming diminished.
First time buyers are the life blood of the UK property market but also related industries such as mortgage intermediaries, surveyors, estate agents, plumbers and decorators.
Stamp duty is a big factor in any house purchase as it has not kept pace with rising house prices. We would like to see a change in the threshold for stamp duty and scrapping it for first time buyers.
Also tax breaks for lenders to in turn encourage social responsibility would be welcomed especially with a rise in repossessions looming.