HTB stops accepting applications that need to beat stamp duty deadline
Hampshire Trust Bank Specialist Mortgages has announced a decision not to accept any new applications that require completion before the stamp duty deadline on 31st March 2021.
"It would be unfair of us to put our brokers and their clients into a completion lottery."
Alex Upton, commercial director, said: “We have taken this decision to allow our broker partners to plan ahead with their clients and to manage expectations accordingly.
“We have been saying for some time that we cannot guarantee completion by the end of March 2021, however we feel it is now the right time to take this a step further. This is not an easy decision. Typically, around 25% of deals complete within 3 months of us receiving an application so from a “getting the most amount of assets on the books” point of view, it would be better for us to keep going. However, it would be unfair of us to put our brokers and their clients into a completion lottery. We are committed to being fair and transparent.
“Of course, we are still offering our full range of lending options and solutions.”
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