News: from tax equality to mortgage detectives
First published 24 September 2014 • Updated 21 July 2017
Bars campaign against tax and discover why advice could be the loophole to mortgage detectives
A good reason to go for a drink- Happy tax equality day
Today 15,000 bars and restaurants across the UK are slashing prices of food and drink to celebrate tax equality day. In a bid to prove the benefit of cutting tax, many establishments will be reducing their normal prices by 7.5 per cent. Back in 2011, Chancellor George Osborne raised VAT from 17.5 per cent to 20 per cent, arguing it is as “progressive move” as reported by the Huffington Post UK. The campaign executed by Jacques Borel, is a way to highlight the importance of the hospitality and leisure sector in the UK – demonstrating that by cutting tax, there would be more economic growth and job opportunities for retailers. The Campaign for Real Ale (CAMRA), Head of communications, Tim Steiner said: “British beer drinkers pay one of the highest rates of duty in the EU and it’s fantastic to see an initiative shine a light of this”. This new campaign could be especially beneficial for pubs, as many are run by small business owners. Pubs are seen as a staple in English heritage, however since the rise in taxes, many have been forced to close down. So what better reason to head to the pub and support your local establishment.
Getting past the mortgage detectives
As part of the ‘on the money’ series, the Evening Standard (ES) focused on the Mortgage Market review (MMR), specifically the self-employed and new jobbers. Since coming into effect in April, the MMR has created more obstacles to obtain mortgages, this includes extensive questioning and proving regular income. As a result of the changes, many self-employed and new jobbers are reportedly finding it difficult to secure mortgage loans from lenders, as many cannot provide sufficient evidence of regular income flow. However according to the Evening Standard, even if you don’t tick all the traditional boxes, there is still hope. Receiving mortgage advice from a certified adviser could help point you in the right direction of a lender who can review your situation. David Hollingworth, London & Country mortgages, said several lenders will consider borrowers with less than 2 years of accounts. Hollingworth continued to detail that, “specialists are attempting to recognise the gaps in the market that are not being served by the mainstream lenders”. It’s not surprising that freelancers, self-employed and those with new jobs find it a lot harder to get a mortgage, but with the right advice, they can still obtain great rates with the right lender. If you fall into any of these categories and are in need of advice contact a mortgage specialist here.