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2020-04-06 08:00:50| Guardian Unlimited Business - more business news

We need 50,000 for a second bathroom but mention holiday let and lenders just shy awayQ My wife and I jointly own a listed manor house with a number of outbuildings including a converted barn which is used as a holiday let. We own the house and all outbuildings plus about 10 acres of land. We were intending to add a second en-suite bathroom in the holiday let and hoping to take out a mortgage for around 50,000 to pay for the development. We wanted to raise a mortgage against our home which is valued at 1.25m. We have lived in it for three years and are mortgage free. My wife is 53 and works full time and has an annual income of 40,000. I am 61 and retired, so look after the holiday let and all our gardens. Please can you advise as to what type of mortgage options would be available? We expected to be able to get a normal residential mortgage. The payment is not dependent on the holiday let income. As soon as we mention a holiday let all standard mortgage providers shy away. I cannot understand why. We have a 100% equity in our property and only require a small mortgage over, say, 15 years.JKA The reason that standard mortgage providers shy away from your pretty niche proposition is quite straightforward. According to independent mortgage advisor Luther Yeates of Clifton Private Finance, banks and building societies arent really set up to look at your fairly complex set-up and then work out if they can offer a solution. Theyre looking at the criteria for the loans theyve got on offer, and ticking off if you match. Yeates explains that high-street lenders can also find it challenging to consider other less standard areas such as ex-pat mortgages, funding for property renovation and home-owner builders, as well as people looking to borrow more than the usual 3.5 times their income. Continue reading...


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2020-04-06 08:00:49| Guardian Unlimited Business - more business news

Readers find that despite illness and disabilities, getting a response during coronavirus crisis is difficultI received an NHS text telling me to stay home and to have no contact with other people for the next 12 weeks. For the past four years I have been treated with immune therapy for chronic lymphocytic leukaemia. I also receive personal independence payments because I have to wear a rigid back brace due to 11 vertebral compression fractures. I live on my own in a rural location. I have had delivery passes for Sainsburys home delivery for the last six years but their website will not let me book a delivery as their system states that I am not a vulnerable customer. According to its website, my 85-year-old mother who lives on her own and has dementia is also not a vulnerable customer. When I ring the helpline it is either engaged or there is a message and then I get cut off. Continue reading...


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2020-04-06 07:01:47| Guardian Unlimited Business - more business news

Major analysis of coronavirus impact stresses property prices will dip only 3% and then rebound next yearCoronavirus latest updatesSee all our coronavirus coverageHouse sales in the UK will collapse this year as the coronavirus pandemic puts the property market into deep freeze. But prices will fall by only 3% and will rebound next year, according to global consultancy Knight Frank.In the first reassessment of the property market by one of the major forecasters, Knight Frank said the number of house sales in the UK would plummet from 1,175,000 last year to just 734,000 this year. Continue reading...


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2020-04-06 01:01:40| Guardian Unlimited Business - more business news

Low earners seven times more likely to work in sectors worst hit by shutdown, study findsCoronavirus latest updates See all our coronavirus coverage The low-paid, young people and women are likely to be the hardest hit by the coronavirus shutdown of businesses including restaurants, hotels, pubs, retailers and transport services.Low earners are seven times as likely as high earners to work in a business sector that has shut down, according to the Institute for Fiscal Studies. The bodys analysis found a third of the bottom 10% of earners worked in the worst-hit sectors, against one in 20 (5%) of those in the top 10%. Continue reading...


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2020-04-05 19:46:06| Guardian Unlimited Business - more business news

Manufacturers making huge profits supplying to whoever can pay the most and pay fastestCoronavirus latest updatesSee all our coronavirus coverageThe scramble for face masks has created a madhouse atmosphere among Chinese manufacturers, who are making huge profits as customers around the world fight to be the first in line.Producers of masks and respirators are demanding to be paid in full before the products leave their factories and are supplying whoever can pay the most and pay fastest, according to Michael Crotty, a textile broker based in Shanghai. Continue reading...


Category: News and Media

 

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