Currently due to lenders criteria it is made more difficult for Homeowners to sell or re-mortgage due to a low lease term. With the right to extend lease term this will be welcomed news for first-time buyers unable to buy certain properties and allowing you to re-mortgage more easily.
Millions of leaseholders will be given the right to extend their lease by a maximum term of 990 years at zero ground rent, the Housing Secretary Robert Jenrick has announced (7 January 2021). Source .gov.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Need advice on your Mortgage:https://www.mortgagehouseservices.co.uk/
Manjit Kaur, Independent Mortgage Broker, Whole of Market. 08/01/2021
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