In the news
Granny and Grandad lend a hand
Nearly half (48%) of grandparents have stepped in to shore up their financially-struggling grandchildren during the pandemic1. This help has come in the form of cash (32%), childcare (8%) and assistance with rent and mortgage payments (6%).
FCA announces new mortgage support
Borrowers struggling to make their mortgage repayments due to the pandemic should be offered ‘tailored support’ from their lenders, according to new guidelines from the Financial Conduct Authority (FCA)2. Borrowers are currently supported by the mortgage payment holiday scheme, although as at mid-September this was due to end on 31 October. The new guidelines propose a range of short and long-term options that reflect each customer’s circumstances, including extending the mortgage term or reducing payments for a fixed period. Borrowers who can resume their repayments are strongly encouraged to do so, with the FCA reminding consumers that interest will continue to accrue while payments are reduced or stopped.
Eco-friendliness can pay
According to new research by solar panel installers EffectiveHome, ‘going solar’ can boost the value of your property by an average £32,4597!3 London homeowners see the biggest benefit, with solar-panelled properties worth £90,000 more on average. Hot on the capital’s heels are Bristol (adding £45,142) and Edinburgh (adding £40,095). Homeowners who install solar panels stand to save £27,500 on their bills over a 30-year period, EffectiveHome has calculated.
1Killik & Co, 2020
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.