Owners unable to sell their flats because of unsafe cladding will soon see the end to years left in limbo.
From January 9th, six major banks will scrap their ban on lending on hundreds of thousands of medium to high-rise homes deemed a fire risk.
Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander will consider mortgage applications on buildings in England more than 11m (36ft) tall which have the cladding.
Lenders have loosened restrictions after guidance from the Royal Institute of Chartered Surveyors on how to value such properties. Borrowers will need to prove that removal of the cladding will be covered by the developer, a Government scheme or leaseholder protections.
The Bank of England today voted to raise interest rates by 0.5% from 3% to 3.5% - a level not seen since October 2008.
Homeowners who run into financial trouble will be able to make reduced payments under a deal brokered by Chancellor Jeremy Hunt at a summit with bank bosses.
The Treasury said bank chiefs had agreed a series of measures to help struggling customers.
Those who run into difficulty with payments will be offered targeted help, which could include a 'short-term reduction in monthly payments', a temporary switch to interest-only payments or an extension of the mortgage term to reduce monthly costs.
Banks also agreed that households coming to the end of their fixed rates should be offered a new deal without another affordability test, provided they have kept up with their payments.
Stamp duty to be reversed in April 2025
Capital gains tax threshold reduced to £6,000
Inheritance tax threshold frozen at £325,000
Chancellor Jeremy Hunt has promised to keep Stamp Duty cuts in place until the end of March 2025, but the tax will rise after that date.
"This will create incentives to support the housing market by boosting transactions," he said.
The Chancellor said he would then "sunset" the cuts so that they are abolished but will be kept under review. He had previously said he would keep the Stamp Duty cuts but had not set a deadline for them.
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