Monthly Archives: June 2013

First time buyer

95% LTVFirst time buyer 5 year Fixed rate launched at 4.59 per cent five-year fixed rate up to 95 per cent loan-to-value for loans up to £300,000.

There is a £500 completion fee on loans to £500,000 and a 1 per cent fee for loans over £500,000. There is also a £199 booking fee.

If you are a first time buyer and have a 5 per cent deposit and would like to get on the property ladder, you should call us now for an initial assessment and you could be on your way to owning your own property.

Also available to First Time Buyers 90 per cent LTV to £400,000, 85 per cent LTV to £500,000 and 80 per cent LTV to £750,000.

Available to first time buyers for a limited period, do not delay, call us today.  Call now on 01489 580020,  email us at for a personal illustration or complete our enquiry form on our Contact Us form.

Skipton BSSkipton raises interest-only income bar to £40,000

The mutual has introduced a minimum income requirement for all residential interest-only applications from today. Those who have obtained a decision in principle but have not submitted their application have until the 14 June 2013 to make their application under the old criteria.  The income requirement requires at least one applicant to earn more than £40,000. Combined income is not accepted.

benefitsDisability benefit changes introduced across UK

As of this month the government’s programme of disability benefit reforms have been introduced across the UK. Disability Living Allowance (DLA) has been replaced for new claimants aged 16 to 64 with Personal Independence Payment (PIP.) The Department of Work and Pensions (DWP) has started taking new claims for PIP in parts of the North of England in April 2013. They have now extended this to cover all parts of Great Britain from June 2013.

The minister for disabled people Esther McVey said: “DLA is an outdated benefit introduced over 20 years ago and was very much a product of its time.

“PIP has been designed to better reflect today’s understanding of disability, particularly to update our thinking on mental health and fluctuating conditions.”

Under new assessment criteria, claimants will be asked to attend regular reviews and face-to-face assessments with an independent health professional. The health professional will ask questions about the claimant’s health condition or disability and how this affects their daily life.

It has also been confirmed that existing DLA claimants will not be re-assessed until 2015 or later, after the DWP has considered the findings of the first independent review in 2014.

However, there have been concerns about the impact on the reforms on current and future claimants.

The government has spent over £13bn a year on DLA. In ten years, the number of people claiming DLA has risen by almost 32% (from 2.4 million to 3.3 million). However, figures from the DWP estimate around 450,000 claimants will no longer be able to claim disability benefits by 2018.

Richard Hawkes, chief executive of disability charity Scope, described the government’s assessment for PIP as “deeply flawed.”

“DLA needed reforming and could be better targeted. But disabled people believe this reform is just an excuse to save money. It doesn’t help that the minister is able to predict exactly how many disabled people will receive support before they have even been tested.

“For months now we have been saying the government’s assessment for the new PIP is deeply flawed. It doesn’t take into account all the barriers that disabled people face in daily life. This means the support won’t be targeted to those that really need it. It looks set to repeat the mistakes of the Work Capability Assessment.”

Bank of EnglandThe Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.

 The minutes of the meeting will be published at 9.30am on Wednesday 19 June.

Base rate has been held at 0.5 per cent for over four years, with the MPC first cutting the benchmark rate to its record-low in March 2009.

QE has been at £375bn since July, when the MPC voted to increase the size of the programme by £50bn from £325bn.