Alex Upton

HTB not accepting new applications that require completion before stamp duty deadline

Hampshire Trust Bank (HTB) Specialist Mortgages has announced a decision not to accept any new applications that require completion before the stamp duty deadline on 31st March.

Alex Upton, commercial director at HTB (pictured above), said the bank took this decision to allow its 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.”

She added that this was not an easy decision to make.

“Typically, around 25% of deals complete within three 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.”

Alex assured that HTB was still offering its full range of lending options and solutions.

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