The Stamp Duty Land Tax (Temporary Relief) Act was introduced by the government in July 2020 to combat the weight of the COVID 19 Pandemic on the housing market. Now, a year later, and nearly 4 months after Stamp Duty began its slow return to normal rates, our data shows that first time buyers are paying up to 31.5% more for properties across England.

### What is the Stamp Duty Holiday (Stamp Duty Land Tax Temporary Relief Act)?

To prevent COVID 19 Pandemic from devastating the housing market, the government intervened with the Stamp Duty Land Tax (Temporary Relief) Act. The Act, also known as the Stamp Duty Holiday, suspended and altered some of the existing rates for SDLT to incite interest in the housing market and galvanise the economy. 

From 8th July 2020 to 30th June 2021, home buyers could pay highly reduced Stamp Duty rates, including zero tax on properties priced under £500,000.

* **Up to £500,000**: Zero SDLT
* **£500,001 to £925,000**: 5%
* **£925,001 to £1.5 million**: 10%
* **Above £1.5 million**: 12%

### How does the Stamp Duty Holiday affect house prices?

As Stamp Duty is a tax on home buyers - the lower the rates, the more money buyers have in their pockets. The holiday, coupled with the severe shortage of homes on the housing market, and a general lack of funds among average-wage home buyers, has made the demand for property skyrocket. With home sellers quick to take advantage of this situation, there’s been a big increase in property prices across the country.

If you’re interested in how house prices are looking in your area, check out our [free House Prices tool](https://www.getagent.co.uk/house-prices). It provides up-to-date information on average house prices as well as their average selling time.

### The average first time home buyer is paying 11.7% more

In July 2020 just before the SDLT holiday was introduced, the [average price of a first-time buyer home](https://www.getagent.co.uk/house-prices) was £212,166. However, our latest figures show the average first-time buyer home now costs £236,982, an increase of £24,816 or 11.7%.

### Biggest increases by region

The North West has seen the largest first-time buyer price increase by region, with the average first-time buyer now paying £168,820. That’s a 16.9% jump since July last year. 

Elsewhere in the north, Yorkshire and Humber have seen a rise of 14.8% and the North East has seen a rise of 13.4%. In the Midlands region, the West Midlands has seen a rise of 13% and the East Midlands a rise of 12.9%

* **East Midlands**: 12.92%
* **East of England**: 11.29%
* **London**: 5.28%
* **North East**: 13.41%
* **North West**: 16.90%
* **South East**: 8.94%
* **South West**: 11.28%
* **West Midlands**: 13.08%
* **Yorkshire and The Humber:** 14.77%
* **England**: 11.70%

### Biggest increases by local authority level

Richmondshire, North Yorkshire, has seen the largest increase in average price for a first-time buyer. Originally £178,974 in June 2020, today the average price has risen to £235,425, an increase of £56,451 or 31.5%

In Rossendale, Lancashire, the average first-time buyer property now costs £147,417, having risen 24.3% since the introduction of the SDLT holiday.

* **Richmondshire:** 31.54%
* **Rossendale:** 24.25%
* **North Norfolk:** 23.09%
* **North Devon:** 18.95%
* **Cotswold:** 18.06%
* **Hastings:** 17.94%
* **Shropshire:** 17.73%
* **West Devon:** 17.71%
* **Derbyshire Dales:** 17.62%
* **Salford:** 17.18%

### Are there any exceptions?

Not everywhere in England has seen a big increase in property price. In some of the more affluent areas of London, the average property price for first time buyers has dropped significantly.

In Kensington & Chelsea for example, the first time buyer’s home cost £1.1 million in July 2020. Now however, the price has dropped to just over £1 million, a decrease of - 6.5%. 

Other decreases include:

* **Hackney:** - 4.1%
* **City of London:** - 4%
* **City of Westminster:** -3% 
* **Southwark** -1.4%

### What the Stamp Duty Holiday means for first time home buyers

While the Stamp Duty Holiday has been a huge success in injecting life into a threatened housing market, it’s undeniable that first time buyers have been marginalised. While many existing homeowners have benefited from a boost to the value of their property, most first-time buyers are worse off when it comes to taking that first step onto the property ladder. 

### What is Stamp Duty?

Stamp Duty Land Tax or SDLT is a government tax on property and land transactions. The amount of tax you pay is proportionate to the amount of money you spend on property or land.

Young woman sitting at a desk with papers and thinking about taxes.

pexels-mikhail-nilov-6964107

A year after the Stamp Duty Holiday was introduced, our data shows that first time buyers are paying up to 31.5% more for properties across England.

First time buyers pay 31% more due to Stamp Duty Holiday

A year after the Stamp Duty Holiday was introduced, our data shows that first time buyers are paying up to 31.5% more for properties across England.


Buying a flat above a commercial premises has its benefits. They are usually cheaper than normal flats.  Plus, shops above flats are usually located in the heart of your village, town or city, which means you'll be living much closer to local amenities. Unfortunately, they also come with some downsides - fire safety hazards and noise problems to name a few. 

In this blog, we're going look at the merits of leasehold flats above commercial premises. Are they worth the hassle? What are the mortgage options for flats above shops?

### How are owners of flats above shops defined?

There are two types of property ownership in the UK: freehold and leasehold. A freehold owner is someone who owns their property outright, while a leasehold owner has the right to live in the property under terms of a lease agreement. This agreement usually lasts from 85 to 125 years.

Flats above shops are classed as leaseholds. In fact, most flats in the UK are defined as leaseholds. Leasehold arrangements provide a way to impose certain conditions on both the leaseholders and freeholders of properties. Shared areas can be maintained, while leaseholders are expected to contribute to the property's maintenance.

For more information on the differences between leaseholds and freeholds, check out [our blog](https://www.getagent.co.uk/blog/properties/leasehold-vs-freehold "Leasehold vs freehold").

### Is it worth buying a flat above a shop?

Unfortunately, no one can decide whether it's worth buying property but you. Properties above commercial premises have always found buyers, so they're obviously an attractive option to some. To help you decide, we've researched some pros and cons.

### Pros of buying a flat above a shop

**They are cheaper than standard flats**

First time buyers are often tempted by flats above shops because they're cheaper than standard flats. While their cheaper price is a clear pro, it's a result of their shortcomings. Furthermore, while flats above shops are cheaper, standard flats are more likely to grow in value over time.

If you're thinking of buying, it's worth knowing how much money you have to spend. You find out by getting a [free online house valuation](https://www.getagent.co.uk/online-valuation "GetAgent online valuation") with the GetAgent valuation tool.

**They are attractive to young tenants**

If you buy a flat above a shop, you could let out the property to young professionals or students. Young people are attracted to properties that are closer to local amenities, bars and restaurants.

**Please note:** If you are thinking of letting out your leasehold flat, you must check the terms of the lease agreement you have with the freeholder. They might prohibit you from subletting the property. We recommend always asking the freehold owner for permission. It's also worth nothing that if you're a leaseholder in London, you cannot let out your property for more than 90 days a year. 

**You can move somewhere you can afford**

As flats above shops are cheaper than ordinary flats, you could move to an area that would have initially been out of your price range. 

**Bigger rooms and windows**

Flats above shops, particularly in London, are usually of Victorian or Georgian heritage, which means they date back to the 1800s and 1900s. As a result, they have larger rooms and windows. This is a big plus for homeowners used to cramped living spaces and low ceilings.

### Cons of buying a flat above a shop

**Noise**

Flats above shops are usually located in the heart of the town or city. Unfortunately, this means you will have to deal with noise from all sides. If you're living above a main road, expect early mornings to be filled with noise from cars, shoppers and dog walkers. 

Another source of noise you'll have to deal with is from the premises below. How disruptive this will be depends on the type of business the owner is running. If it's a bar or restaurant, you can expect a greater level of noise than a store on the high street. 

If you're thinking of choosing a flat above a shop, make sure you investigate the type of premises below. If your job involves working late and unsociable hours, you may find it harder to sleep in the mornings and evenings because of the noise downstairs.

**Pests and odours**

If the business below the flat is a restaurant or bar, you may have to contend with pests like rats and cockroaches as a result of food waste. Another risk, especially if the chefs are cooking often, is odours. If it's a chicken shop, there will likely be grease and grill fumes. We recommend that you ensure the property is well ventilated before purchasing. 

**Increased fire safety hazard**

If you live above a restaurant or takeaway there will be chefs cooking below you, resulting in an increased fire safety hazard. 

**Access to your flat**

If you're lucky, the front door to the flat will be located on the street, but it's not unusual for flat owners to have to walk through the restaurant or shop to get to their front door. In a less ideal scenario, it could be at the end of a dark alleyway. These conditions can be unappealing, so make sure you're happy with the type of access you'll have.

Another access problem is parking - will you have your own parking space, or will you have to share with customers? Make sure you find out from the freehold owner.

**Future shop owners**

You might consider yourself a lucky neighbour if the premises below are a greengrocer or a clothes shop. In such a scenario, you wouldn't have to worry about late night noise and fumes. However, you should not take it for granted that the business will be there forever. There's a very real chance that the premises will change hands a year or two after you buy the flat, making your future much less clear.

**Getting a mortgage is difficult**

Mortgage lenders are less inclined to lend to buyers of flats above shops for the reasons above. This could affect your chances of purchasing the flat, especially if you don't have a lot of spare cash. 

One of the best things you can do to minimise this problem is hire a mortgage consultant. They can assess your situation and help you find a compatible mortgage lender. 

### What mortgages are available for flats above shops?

While it can be difficult to find a mortgage lender that will lend for this type of property, it's definitely not impossible. There are high street lenders and specialist lenders who offer mortgages if you know where to look. A reliable mortgage consultant can help you find the best one.

[We cover specialist mortgages in much more detail here. 
](https://www.getagent.co.uk/blog/buying/how-to-get-the-best-mortgage-rate "How to get the best mortgage rate")

Remember, it's unlikely you'll be able to purchase a property like this without a sizeable deposit. Most flats above commercial premises require a deposit of at least 20% of the property's value. 

**Should I get a full building survey?**

If you do buy a flat above a commercial premises, we recommend ordering a full building survey through a licensed conveyancer. A building survey will help identify any issues with the property, as well as the costs to fix them. 

Any repairs paid for by the freeholder are divided equally. As a leaseholder, you will have a responsibility to pay for repairs pertaining to the whole building. Annual costs are usually paid as service charges. The service charge should include the following:

- Internal parts maintenance
- Buildings insurance
- Overall structural integrity
- Water rates

Your conveyancer will determine the extent of what the service charge covers and provide a breakdown of these costs. As commercial premises have expensive service charges, you should decide  who pays what with the shop owner.

Please note that major works, such as roof works, are not covered solely by the freeholder. The leaseholder is expected to contribute, as roof works are deemed 'common parts' that benefit more than one person.

This type of property purchase demands a qualified conveyancing solicitor. You can learn more about choosing the right conveyancer with [our guide](https://www.getagent.co.uk/guide/conveyancing/choosing-the-right-conveyancer "Choosing the right conveyancer").

A local newsagent's shop front with a flat above.

Buying a flat above a shop: The pros and cons

We take a look at the merits of leasehold flats above commercial premises. Are they worth the hassle? What are the mortgage options for flats above shops?

With the Stamp Duty deadline over and done, the UK housing market has been left to recuperate following its blazing period through March to June. As many experts predicted, house sales have experienced a decline. House prices however, are continuing to soar thanks to a sustained demand from UK house buyers. This demand is particularly notable in England’s coastal addresses. An onslaught of buyers looking to relocate from cities has seen the average price of some seaside areas increase by over £100,000.

### UK house sales nosedived in July 

On the back-end of June’s Stamp Duty deadline, July saw UK house sales nosedive by almost two-thirds after home buyers rushed to complete the purchase of their new homes. While the end of the Stamp Duty deadline has tempered the number of house sales, their prices are still on the high. [June's UK House Price Index report](https://landregistry.data.gov.uk/app/ukhpi "UK House Price Index") observed an increase of 4.5% with an average price of £265,668.

Diminishing house sales and rising house prices have done nothing to reduce buyer demand, with Zoopla reporting an increase of 20.5% above the 2020 average. [The Guardian](https://www.theguardian.com/money/2021/aug/24/uk-house-sales-stamp-duty-holiday-deadline-tax-break "The Guardian - UK House Sales") has cited ‘the pandemic and growth of home working’ as key factors to this strong demand. 

With almost two years of lockdowns under their belts, it's no wonder that the average UK buyer is searching for greater space and comfort. Unfortunately, [The Telegraph’s Rachel Mortimer](https://www.telegraph.co.uk/property/buy/acute-shortage-homes-sale-last-2022/ "The Telegraph - Acute Shortage") has reported this ‘acute’ shortage of homes for sale could last well into 2022. With a depleted stock and a sustained demand, it’s unlikely that house prices will go down before the end of 2021.

### Home buyers flock to coastal addresses

Last month, [we revealed the top eight postcodes](https://www.thesun.co.uk/money/15723069/eight-postcodes-house-prices-rocketing/ "The Sun - Eight Postcodes") where house prices surged by almost £100,000, with sunny countryside counties like Cornwall and South Hampshire among the most popular. 

This heightened interest in coastal addresses suggests a shift in buyer attention from traditional city hotspots. In a [similar study of 120 coastal areas](https://www.rightmove.co.uk/press-centre/coastal-homes-sell-twenty-days-quicker-than-pre-pandemic-as-city-to-seaside-demand-doubles/ "Rightmove Coastal Homes Study"), Rightmove recorded an increase of 115% in city dwellers enquiring about homes for sale in coastal locations. They concluded that this interest could increase competition among buyers.

While coastal addresses are no doubt seeing a surge in popularity, Zoopla has curtailed any doubts that London might suffer as a result. In [their 23rd July press release](https://www.zoopla.co.uk/press/releases/zoopla-reveals-how-property-size-impacts-buyer-demand-for-new-homes/ "Zoopla - Property Size"), they reported that the demand for properties is ‘more concentrated’ in London, with average buyers searching for new homes within a five mile radius.


a folded newspaper lying next to a cup of coffee on a wooden table 

property-news-may-14

House sales nosedive, while demand continues to inflate prices.

Property News August 27th | House sales nosedive

Property news of the week: August 27th 2021

Whether you're a sole trader, small business owner, or a contractor, getting a mortgage when you're self-employed can seem like an uphill battle.

In this article, we'll take a look at some of the  documentation you'll need to have prepared, so you're in the best position to get a mortgage and take your next step on the property ladder.

### Can you get a mortgage if you're self-employed?

Yes. It is possible to get a mortgage if you're self-employed.
In most cases, if you can prove your income and meet the affordability criteria set out by the particular lender, you'll be eligible for exactly the same mortgages as those who aren't self-employed.

In fact there are no particular mortgage products just for self-employed people. Self-certification mortgages (also known as self-certified mortgages), which previously allowed self-employed workers to declare their income without lenders, were banned in 2014. This was a consequence of the mortgage market review, over worries that borrowers were taking out mortgages that they could not afford in the long term.

### What do mortgage lenders class as 'self-employed'?

A mortgage lender will class you as 'self-employed' if you own more than 20-25% of a business from which you earn your main income. This is the case whether you're a company director, sole trader, or contractor.

If you do a self-assessed tax return for your main income stream each year, chances are you'll be classed as self-employed by a mortgage lender.

### How much can you borrow if you're self-employed?

As long as you can prove you're eligible, and can afford repayments, you should be able to borrow the same amount as someone with a PAYE income.
Generally this amounts to between 4 and 5 times your annual income, with most mortgage lenders capping lending at 4.5 times your annual income. So, if you earn £30,000 a year, you should expect to be able to borrow around: £135,000.

If you're self-employed, your annual income will usually be based on an average of your profit from the past 2 or 3 years.

If you're unsure about how much you'll be able to borrow, it can be worthwhile getting financial advice from an independent adviser or a mortgage broker. They'll be able to look at your income over the past few years, and let you know what amount you'll be able to borrow.

### Are self-employed mortgages more expensive than normal mortgages?

No, mortgages for self-employed people are not more expensive than 'normal' mortgages.

Most lenders don't have specific products for self-employed borrowers. You'll apply for the same products and terms as borrowers with PAYE income. This means you'll pay the same interest rates, and product fees.

When it comes to the cost of a mortgage - particularly the interest rate you'll pay - it's not just your income that has a significant impact. Lenders will also look at: 

- The amount of deposit you're able to put down
- The type of mortgage you're applying for
- The term length
- Your credit rating

### How to apply for a mortgage if you're self-employed

The mortgage application process is the same whether you're a self-employed applicant or not.

**Mortgage in principle**

A mortgage in principle (otherwise known as an agreement in principle) is a preliminary statement from a lender saying they're willing to lend you a certain amount of money before you finalise your home purchase.

During the application, the lender will ask you about your situation, including your income and goings, before providing you with a maximum figure they are willing to lend. The lender will carry out a 'soft' credit check on your credit history to decide whether you're a suitable applicant. Checks with a formal application are much more rigorous.

While a mortgage agreement in principle isn't an official mortgage approval, you can use it as proof that your lender is willing to lend you money. This can be helpful when you're looking to purchase property.

**Formal application**

In a formal mortgage application, your lender will consider a variety of factors before they provide you with a mortgage offer.

- **Eligibility**

To decide if you are legible, the lender will carry out a 'hard' credit check. This allows the lender to take a full look at your report and leave a search footprint. This footprint indicates that an application for credit has been made.

Lenders will also reevaluate the amount you want to borrow and carry out ID checks on your person. Like a mortgage in principle, they will ask for a general overview of your financial position.

- **Affordability**

The lender will decide whether you can afford monthly repayments. This is known as 'stress testing'. They may ask about: household bills, childcare, holidays, socialising, hobbies, any credit repayments, and car finance repayments. They will also take a look at your bank statements to get a sense of your monthly income and outgoings.

- **Property**

The lender will send a surveyor to look at whether the property you want to buy is good enough security for the loan. If it meets lending criteria, the surveyor will confirm its legibility with the lender. 

To ensure your property has an accurate valuation, you should use an estate agent you trust. The best way to find a worthwhile agent is by comparing agents in your local area. You can do this for free by using our agent comparison tool. 

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**Extra information if you're self-employed**

If you're self-employed, you will need to provide some additional information to prove your income. You will need 2 or more years' certified accounts, SA302 forms or a tax year overview. If you're a contractor, you'll need evidence of upcoming contracts to prove your business is viable.

**Acceptance or rejection**

If your lender is happy with your application, they will approve your mortgage.

While most mortgages are accepted after a mortgage in principle, there have been instances of rejection. If your offer is rejected, it usually means the lender's hard credit check revealed something they didn't like in your report.

You can [read our blog](https://www.getagent.co.uk/blog/buying/mortgage-declined-after-agreement-in-principle "Mortgage declined after agreement in principle") to find out what you can do if your offer is rejected after receiving a mortgage in principle.

### Self-employed mortgage requirements

When applying for a mortgage you'll be asked to provide a variety of documentation in order to prove your identity and financial eligibility.
Everyone applicant will need to provide the following for review:

- A valid passport
- A UK driving licence
- A recent council tax bill
- Utility bills dated within 3 months
- 6 months of bank statements

Self-employed mortgage applicants are usually asked to provide the following additional documentation:

- Two or more years of certified accounts [SA302](https://www.gov.uk/sa302-tax-calculation) forms or a tax year overview from HMRC for past two years
- You may be asked for evidence of dividend payments or retained profits, if you're a company director

**Note**: If you're self-employed, lenders tend to prefer evidence that has been prepared by a certified or chartered accountant.

### How to increase your chances of getting approved for a mortgage

There are a few ways to increase your chances of getting approved for a mortgage:

- **Have at least 2 or 3 years of income information**

Because a self-employed income is more variable, lenders generally like to see accounts covering a minimum of two years.

- **Increase the size of your deposit**

The larger the amount of money you're able to put forward upfront, the more likely your lender will approve your application.

- **Quick fixes for credit score**

You can increase the chances of your mortgage being approved by boosting your credit score. Making payments on-time and keeping credit utilisation low, are great ways to boost your credit score in a short amount of time. Registering to vote is another quick fix, as the electoral roll proves your name and address.

- **Work with a specialist broker**

If something goes wrong with your mortgage application, a specialist broker will assess your application and will help you to quickly locate a lender that is likely to lend. If time is of the essence, a broker can be seriously useful.

- **Work with a qualified accountant**

Accountants assess your finances and locate potential shortcomings that could affect your mortgage. For example, if you don’t have separate bank accounts for business and personal spending, they can help you set them up. They can also offer advice on whether your business set-up is ideal, especially with tax efficiency.


Young couple having an intense conversation. 

Self-employed mortgages explained

Getting a mortgage when you are self-employed can seem like an uphill battle. In this article, we'll take a look at some of the  documentation you'll need to have prepared, so you're in the best position to get a mortgage.

At GetAgent, our technical team is always hard at work. We’re constantly developing new resources to help people achieve their dream sale. Over 300,000 homesellers have found our [Estate Agent Comparison software](https://www.getagent.co.uk/vendor "Estate agent comparison software") useful, but this isn't all we have to offer. 

One of the most innovative tools we’ve created is the [Live Listing Monitor](https://www.getagent.co.uk/listing "Live listing monitor"). Like our comparison software, it’s free - but that’s not their only similarity. The Agent Comparison tool prioritises factual data over rough estimates, and the Live Listing Monitor is no different.

How does the Live Listing Monitor work, and more importantly, how can it help you? Let’s take a look in closer detail and examine some of its key features.

### Why we made the Live Listing Monitor

For most of us, our homes are the largest sales we’ll make. Unfortunately, time and money often work against us, leading to a loss of control over our sale. This often happens after your online advert (or listing) goes live on property portals. If you live at your property, you can probably count the number of viewings you’ve had. However, questions about your listing's performance can go unanswered. It’s impossible to know how it compares to other listings or if you’re on the right track to selling.

That’s where our Live Listing Monitor comes in. Using data from your property portal (such as Rightmove or Zoopla) and the Land Registry, the tool analyses your listing's performance. All the latest facts and figures are visible in an easy-to-read format.

### How does the Live Listing Monitor work?

The Live Listing Monitor is a complex piece of software. Several script programmes run throughout the day, collecting data from major property portals. These include the UK’s biggest property portals, Rightmove, Zoopla and OnTheMarket. 

When you enter your listing URL (the web address of your online advert), we run this information against the data we’ve collected. A key piece of information we use is the property’s Unique Delivery Point Reference Number, or UDPRN. This is a unique ID number assigned to every door number in the UK, introduced by Royal Mail in 2004. We analyse this information using our algorithm to provide you with accurate, easy-to-digest statistics on your advert's performance.

### What does the data mean?

When you run the Live Listing Monitor for the first time, a range of data and statistics will load on your page. The top three boxes are basic indicators of your property’s general performance.

![technical-blog-image-screenshot](//images.contentful.com/us6n8ous4bz0/1jB2t8ndwhj9q1tREtRQb9/32f94611e6c423abeee57cc86aac755a/technical-blog-image-screenshot.jpg)

- **Expected sell by date**: By analysing the local market, we provide users with an expected sale date. You can see whether you're 'on track’ to meet this date, as well as the average conveyancing time for your local area.

- **Live on market**: Here, you can see how long your property has been on the market (number of months, weeks, days). We show the date your listing first went live, as well as the average selling time in your local area.

- **Property price**: Like your online listing, we show the current asking price of your property. Attached to this is a sticker that says if your price is higher or lower than the average price of similar homes in the area. If you hover over this stat, you can reveal further data, including the average price of these properties. You can see how much lower or higher your property is than this average.

The next section ‘How’s your online advert doing?’ is based on your online listing’s performance in comparison to other properties in your area. We present this information in four key areas:

![Live listing monitor listing statistics](//images.contentful.com/us6n8ous4bz0/3DVj5xEM7Q4fTpEGU2adHU/6ea0aade0acc5a7281b8111160e2d943/Screenshot_2021-08-10_at_13.45.38.png)

- **Overall performance**: We check the performance of your online listing using data collected from the portal. If your listing is performing as well as other homes in the area, you may get a statement like ‘About average’. If you’re underperforming, it might say ‘Could be better’.

- **Total views**: The number of views your online listing has had.

- **Avg views per day**: The average number of views your listing achieves a day.

- **No. of days online**: How long your property has been online on the property portal.

If there are similar listings to compare against, this section will be accompanied by a graph chart. The number of views your listing and its competitors have obtained is set against the number of days it’s been online. This is a visual indication of your listing’s performance in comparison to other listings.

Finally, we offer a glimpse of the four best agents operating in your local area. 

![updated-agent-image](//images.contentful.com/us6n8ous4bz0/6YY3MDlt4wSS72w7Wxa99T/747f81c298808503bf51ebaa343a6af3/updated-agent-image.jpg)

If your agent is among them, your sale is probably in good hands. We measure the performance of these agents by:

- Average sale time
- Properties listed
- Percentage (%) of asking price achieved

If the agent excels in an area, we award them with an achievement. There are three achievements available:

- Fastest
- Most experienced
- Best valuer

Our achievement system shows you which agent is performing to a high standard. The more accolades an agent receives, the more exceptional they are.

### A look to the future

Our software is always evolving to meet the needs and necessities of homesellers. We asked our Senior Developer, Pradeep Chandrasekaran, what the plans were for future updates:

“Effectiveness and efficiency are our two long-term goals with the Live Listing Monitor. There have been occasions where we’ve had to manually match listings where the system hasn't been able to. We really want to cut that need so homesellers can have the best user experience possible. Essentially, our improvements boil down to making the Monitor as fast and accurate as possible."

The Live Listing Monitor gives homesellers a real opportunity to change the course of their property’s sale. If your property's performance is below average, it might be time to reconsider your estate agent.


Person sitting on the floor browsing the internet with laptop

live-listing-monitor-front-pic-blog

How does our Live Listing Monitor work, and more importantly, how can it help you? Let’s take a look in closer detail and examine some of its key features.

The tech behind our Live Listing Monitor

Whether you're already expecting a child, or planning for a family in the future, knowing how it could impact your mortgage application is an important financial consideration. 

It is possible to get a mortgage, or remortgage, whilst you're on maternity or paternity leave, but you may find it more difficult than normal. Lenders are likely to ask for additional evidence of your future salary, and may conduct extra affordability tests before agreeing to lend to you. 

In this article we look at how the mortgage application process works for parents-to-be, and cover some of the extra things you should bear in mind before you take this next step in your financial future.

### Can you get a mortgage if you're on maternity leave?

Yes, getting a mortgage on maternity leave is possible.

However, you may find that mortgage lenders are likely to be more cautious when it comes to working out how much you can afford to borrow, and what you'll be able to pay back each month.

In many cases there will be caveats or additional hoops to jump through in order to qualify for a loan, but that doesn't mean it's impossible to find a good deal. For example, many lenders will require extra written confirmation of your future income. Some may even use the amount you'll get as maternity pay for affordability tests. 

### Applying for a mortgage on maternity or paternity leave

The process for getting a mortgage whilst you're on parental leave is very similar to applying for a mortgage normally. You can either apply to the lender directly, or work with a broker to help you find the best deal. 

You'll need to provide information about your income - general three months of payslips - and the property you'd like to buy, along with documents proving your identity, such as a driving license or passport. 

If you're on maternity or parental leave, or shortly about to start it, you should also be prepared to provide additional information about your circumstances to support your application. Most lenders will want to see a reference or letter from your employer as part of your mortgage application. This should provide written confirmation that you're going to be returning to work, along with the date and terms of the return - for example, your hours and pay. 

Some lenders may also do additional affordability checks as part of your mortgage application. This could include looking at the amount you'll be paid during your maternity leave, and assessing whether you'll be able to afford the monthly repayments - rather than simply using your normal salary. 

[For more information about how to apply for a mortgage, head here.](https://www.getagent.co.uk/guide/mortgages/improve-your-mortgage-chance)

### How much will I be able to borrow?

As a general rule, mortgage lenders will let you borrow around 4.5 times your annual salary. So if you're earning £30,000 a year, you'll be eligible to borrow around £135,000.

When you're on maternity leave, lenders will usually make their offer based on the amount you'll be earning when you return to work. If you have evidence that you'll be working the same hours, and earning your normal salary when you return, you should be able to borrow the same amount as you would have before you went on maternity leave. 

If you're making a joint application, you should expect to be able to borrow between 4 and 5 times your combined income, based on your normal earnings. 

**Top tip:** Just as with any other mortgage application, you're more likely to get the [best rates](https://www.getagent.co.uk/blog/buying/how-to-get-the-best-mortgage-rate) if you have a large deposit. 

### Do you need to tell your mortgage lender that you're having a baby?

A mortgage lender should never ask directly if you're having a child. However, during the application process you will be asked to mention any 'material changes' that could affect your ability to repay your loan. 

Expecting a child should be considered a 'material change'. Not only is your income likely to decrease for the period of time that you're on maternity leave, you'll also have to consider how expensive childcare will be.  

If you're not yet on maternity leave, but are expecting to be in the near future, it's a bit of a grey area. While having a child will impact the amount you're able to afford to pay each month, the amount you'll be spending on childcare costs is still quite speculative at this stage. If you're unsure what to disclose about your pregnancy, it's best to talk to an independent mortgage advice. 

As a general rule, it's best to be as open and honest as possible in your mortgage applications. Being on maternity leave doesn't mean you won't get a mortgage, but being found providing false information will guarantee you get declined. Hiding the fact you're pregnant is not worth the risk of jeopardising getting a mortgage, or worse being accused of mortgage fraud.

### Additional things to consider 

While getting a mortgage on maternity leave is possible, it's worth taking some time to think about the other ways parental leave and having a child will impact you. The most important things to bear in mind include: 

* **Will you be able to afford your monthly mortgage repayments whilst you're on maternity leave?**

While maternity leave policies are generally improving across the UK, many people are still only offered the statutory legal minimum. Statutory Maternity Pay (SMP) in the UK is paid for up to 39 weeks. You'll get: 90% of your average weekly earnings (before tax) for the first 6 weeks of leave. Then you'll receive £151.97 or 90% of your average weekly earnings (whichever is lower) for the next 33 weeks. While you may be eligible for a mortgage during your maternity leave, it's important to consider whether you'll actually be able to keep up repayments on your mortgage during this period of reduced income. Compare how much you'll pay each month to your current outgoings to see how financially viable taking on a mortgage will be. 

* **Do you have enough savings to cover any shortfall, or unexpected costs?**

For many people the £151.97 SMP is not enough to cover their monthly mortgage payments - on top of food, bills, and other everyday costs. If your employer does not offer a more comprehensive benefits package, you may have to use savings to cover any shortfall. Remember, if you're not able to keep up with your repayments your home may be repossessed. 

* **Will you be taking maternity, paternity, or shared parental leave?** 

In terms of getting a mortgage, there's not much difference to lenders between maternity and paternity leave, other than the length of time you're likely to be receiving a lower income. 

* **Should you work with a specialist mortgage broker?**

While it is possible to get a mortgage on maternity leave, there are extra things to consider, and you may find some lenders reluctant to lend the full amount you need. In situations like this it can be work getting support from a mortgage broker. Mortgage brokers are able to provide specialist information about which products you're eligible for, so you can decide who is the right lender for you. They'll also reduce the likelihood that you'll have to make multiple applications - which will help protect your credit score. There are a number of free online mortgage brokers that offer a good place to start your search. [We cover them in more detail, here.](https://www.getagent.co.uk/blog/buying/how-to-get-the-best-mortgage-rate)

Parent in white jumper holds young baby wrapped in cable knit blanket 

can-you-get-a-mortgage-on-maternity-leave

It is possible to get a mortgage, or remortgage, whilst you're on maternity or paternity leave, but you may find it more difficult than normal.

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