UK’s No1 Letting Agent

Martin & Co. remain the UK’s No1 Letting Agent with another phenomenal year of growth at the Tunbridge Wells Office

The Lettings Market remains strong, dynamic and exciting. At the Tunbridge Wells Office of Martin and Co. we have seen the Lettings market go from strength to strength due in part to a sliding and depressed sales market but also, from young and old alike, who see Renting a property as a lifestyle choice rather than a second best alternative.

The benefits of renting rather than buying are easy to see in todays uncertain property market

•Stress-Free – Maintenance Free Living •Freedom and flexibility to re-locate to different areas •Profitable use of capital •Ability to afford better properties than if buying

Our small and dedicated team headed by David Johnson MNAEA and his wife Suzanne Johnson MNAEA have a superb balance of experience and youth. With her legendary record keeping, our Maintenance Expert Lynn Mason knows all our properties intimately whilst our feisty French colleague Nathalie Field ensures move-ins and renewals go without a hitch. This year the team has been strengthened with the arrival of our Senior Negotiator Tony Davies who has recently gained a Diploma in Surveying.

Together, the staff at Martin & Co. feel confident that they can continue to offer Landlords and Tenants a superior level of service With that all important personal touch.

Monday, 08 December 2008

FROM THE BBC Brown unveils mortgage help plan

PM announces repossession reprieve for struggling homeowners People hit by the downturn will be able to defer part of their mortgage interest payments for up to two years under plans unveiled by Gordon Brown.

The plan is designed to give those who lose their jobs or take a big cut in their income an extended breathing space before their home is at risk.

The scheme will cover mortgages worth up to £400,000, the BBC understands.

The proportion of interest payments to be deferred, up to 100%, will be agreed between homeowners and their lender.

Mr Brown made the announcement during a House of Commons debate on the Queen’s Speech, which took place earlier.

The prime minister told MPs the eight major lenders had signed up to the plan, which is meant to cut the risk of homes being repossessed amid predictions repossession numbers could rise to 75,000 next year.

‘Clever scheme’

Mr Brown said: “Hardworking households that experience a redundancy or significant loss of income as a result of the downturn will be able to defer a proportion of their interest payments for up to two years while they get their family finances back on track.”

What's happened today is that the prime minster has made it less of a financial strain for the bank to leave the Slightly-Stretcheds in their home

Robert Peston

Read more and comment at Peston’s Picks

He also announced government-owned lenders Northern Rock and Bradford and Bingley had joined Lloyds TSB in agreeing that repossession proceedings would not begin until households were six months behind on their payments.

He urged other “responsible banks” to follow their lead.

Government sources say they hope the moves will not just reduce the number of homes repossessed but will reduce the widespread fear of repossession as well.

BBC Business Editor Robert Peston said it was a “clever” scheme and “most banks will give it a go because they don’t want to be seen to be turfing people out of their homes”.

But he said it was not clear if the scheme meant “repossession avoided or simply deferred for two years” and a lot would depend on whether the economy will recover.

The full details of the scheme – such as who is eligible and what proportion of mortgage interest payments would be covered – have yet to emerge.

But it is understood the government will underwrite interest payments, which will then have to repaid in full at a date to be agreed with the lender.

Insurance scheme

The scheme could help a two-income family where one earner has become redundant, a homeowner who has suffered a significant loss of overtime or people who have had to take a lower-paid job, Downing Street said.

People may also agree to convert a repayment mortgage into an interest-only loan to take advantage of the scheme, the prime minister’s official spokesman said.

The plan is designed to boost the wider economy, with government source describing repossession as “a small risk of something disastrous happening to you” which thus had a major depressing effect on confidence.

As always with Gordon Brown, don't just look at the headline, look at the detail

George Osborne Shadow chancellor Q&A: Mortgage plan Currently, those on benefits have their mortgage interest payments covered for two years if their mortgages is below £200,000.

The government’s plan is effectively a government mortgage insurance scheme, which will work by the Treasury underwriting the extra risk that banks take.

The banks will not need extra capital in order to cover the extended risk they take that people will default on their mortgages.

The theory, therefore, is that the move will not reduce the funds available for other borrowers.

In a worst case scenario it is thought the government would be exposed to £1bn in risk, with the cost to the taxpayer of the scheme likely to be about £100m, government sources suggest.

Shadow Chancellor George Osborne, for the Conservatives, said he would not comment until he had studied the announcement, which was not in the Queen’s Speech, more fully.

“As always with Gordon Brown, don’t just look at the headline, look at the detail,” said Mr Osborne.

And he said the government should consider a scheme to “keep people in work” such as the Conservative proposal to lend money directly to businesses.

Liberal Democrat treasury spokesman Vince Cable welcomed the scheme but said he wanted to study the small print before he was “satisfied that this actually covers the problem”.

Queen’s speech

It comes as new estimates from the Council of Mortgage Lenders (CML) suggest repossessions will rise sharply to 75,000 next year. That would be almost as many as during the peak of the last recession in 1991.

The CML believes that repossessions, already rising steadily, will hit 45,000 this year.

The number of repossessions jumped by 12% in the third quarter of the year, according to CML figures, with 11,300 homes taken back in that period.

Earlier, in the Queen’s Speech, the government said fighting the economic downturn was its “overriding priority” for the year ahead.

In a slimmed down legislative programme, it unveiled proposed legislation aimed at preventing another banking crisis and protect depositors.

Families on lower incomes are to be encouraged to save more through financial incentives.

And a voluntary code of conduct requiring banks to give customers notice if they plan to withdraw or alter credit facilities will be made mandatory, the government said, but this is not part of the Banking Bill.

Wednesday, 03 December 2008