The government has been accused of continuing to show a lack of understanding of the current mortgage market in the UK following outlines that were announced by the Chancellor of the Exchequer, Alistair Darling, in his recent pre-election budget speech.
In the budget Darling announced a number of measures, including suspension of stamp duty for first time buyers on properties up to £250,000, and an improved income verification system for use by lenders, which would be established by HM Revenue & Customs.
However, a number of industry officials have hit out at the proposals stating that they show a clear and continued lack of understanding of the mortgage market in the UK by the government. One analyst from the company John Charcol slated the approach on stamp duty, stating that it was unfair because it gave first time buyers an unfair advantage over other buyers, and that it should have been extended to all buyers not just first time buyers.
He said: “It would have been much more sensible to increase it for everybody. What will now happen is that first-time buyers will actually have an advantage over non-first-time buyers for properties between £125,000 to £250,000. A lot of people might say that is fine but I don’t think it is as simple as that. What about second-time buyers who will be in a worse position?”
Another industry official said that the HMRC income verification check was a flawed idea, because the income details that the Revenue Service kept were around nine months out of date. This would mean that someone that applied for a mortgage and had been recently made redundant could still end up getting a positive verification. He also said that the checks and verifications on income would take far too long.
Tags: stamp duty, mortgage market, HM Revenue, budget darling, mortgages, government
Buyers rush to beat stamp duty changes #qld
20% of the EBooks market???
1,5% of the film industry market?
10% of the paper books market?
2% share of the mobile devices applications market?
1.6% of the market sales of DVD?
3% of the market for online sales Internet media?
5% of the market for free multimedia download?
This is approximately 15 billion euros. You – or a complete idiot or a genius!
London – HM Revenue & Customs’ (HMRC) mission is to ensure that the correct amount of tax is paid and benefits are paid to the right individuals at the right time. With around £450bn in annual revenue, some 30 million individual customers and four million business customers, we operate on a very large scale and with one of the largest IT estates in the UK. We have now embarked on an ambitious transformatio
Obama wants government to keep major role in mortgage market –
Makes sense to me, most other states don’t have stamp duty for first home buyers, why on earth didn’t Stanhope support this???
For me it was kind of a joke and I was disappointed! In the book is just perfect and for me they didn't have to do exactly like JK wrote but at less a kiss which is so good like that
music- one of the best things humanity has to offer
National Australia Bank Ltd., the nation’s best-performing banking stock this year, said second- half profit rose 31 percent as it won a bigger slice of the nation’s mortgage market with discounted loans.
Frustratingly short. As for the proud marine of Afghanistan and Iraq (?), his intellectual depth consisted of waving the (failed and proven useless) US constitution while appealing to the patriotism of Americans and American “exceptionalism” (government is good, as long as it's Amerikhun!). He summed it up best, and you see the hesitation as he realized his own mistake, when he said Stefan was applying a universal principle… erm… er… universally. Yes, that's rather the point.
NEWS Highlights of Macy’s Cyber Monday Deals
I don’t know some of these shows! Ha Bloody being British :p
Thanks for letting us know Karen! I would recommend toass this email on to the real HM Revenue people, they have a special department dealing with only these scams to get them stopped! Sorry, can’t remember the email address there but you can find it on the real website! Hope this helps!
Anyone just get an email about something called Phonoblaster??” No but got one from HM Revenue
Euro zone strugglers lack innovative knack –