Hampshire Trust Bank Specialist Mortgages has outlined that it will no longer accept new applications, which require a completion before the stamp duty holiday.
Hampshire Trust Bank Specialist Mortgages has outlined that it will no longer accept new applications which require a completion before the stamp duty holiday.
The lender noted that typically, around 25% of deals complete within three months of it receiving an application.
As a result of this, the bank believes that it would be better not to accept applications that require the use of the tax break, which concludes on 31 March.
Alex Upton (pictured), commercial director of Hampshire Trust Bank, 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.
“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”.
