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Mortgage approvals for house purchase in 2020 were higher than the figure recorded in 2019, according to the Bank of England’s Money and Credit statistics for December 2020. The total number of approvals for house purchases in 2020 was 818,500, while the figure was noted at 789,100 in 2019. This is despite the record low of 9,400 house purchase approvals in May 2020. Net mortgage borrowing remained strong at £5.6bn in December and effective interest rates on new mortgages rose to 1.9%, its highest level since October 2019. David Whittaker, chief executive of Keystone Property Finance, sa...

27 Mar 19:32 Banking Technology News The latest news on banking technology, including fintech, artificial intelligence in banking, and digital banking. The banking industry is going through a shift from traditional to digital banking. This process involves digitisation, including automation, web-based services, and APIs, that allow users to access financial data through desktop, mobile and ATM devices. NewsNow aims to be the world’s most accurate and comprehensive aggregator of banking technology news from the best online news publications. Every story from every site is brought to yo...

Richard Pike (pictured), sales and marketing director at Phoebus Software Limited, added: “We have worked in the equity release market since 2007 and our proven experience in the sector is second to none. “Our relationship with Pure continues to go from strength to strength. We are hugely proud to have assisted in the launch of such a great business in 2014, assisting it grow into a market leader in its specialist area of lending, and now to be consolidating the relationship with the renewal of our contract. “We look forward to continued success for both parties through the relationshi...

Welsh government raises tax on second homes By Gary Adams 21 st December 2020 3:41 pm Second homeowners in Wales face a 1 per cent increase in land transaction tax in the government’s draft budget for 2021 to 2022. This means a 4 per cent surcharge for second homes worth up to £180,000, increasing to 16 per cent for properties worth £1.6m. The Welsh government is also planning to raise the threshold at which businesses purchasing non-residential properties are exempt from LTT by 50 per cent to £225,000. It is hoped that these actions will raise £13m, which th...

The UK government may follow the Welsh lead on stamp duty and introduce a new tax hike on second homes, according to a leading tax expert. Many agents would like to see the government aim to stimulate housing market activity next year by abolishing the 3% stamp duty surcharge for buy-to-let landlords buying additional properties in England, but that is unlikely to happen. Sean Randall In fact, following the Welsh government’s decision yesterday to increase land transaction tax – the Welsh version of stamp duty – the UK government may now follow suit by announcing a similar increase...