open banking lending businesses truth

Open Banking – The Truth & What it Does

Open Banking – The Truth There is a video here, if you want the wordy explanation, here goes. Open Banking is a system that allows one piece of software to access your bank details. For many of us we do this all the time when paying online or connecting our business account to Xero or
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chancellor winter economy plan budget rishi sunak

Changes to Loan Schemes Explained – Rishi Sunak Announcement

Winter Economy Plan – What the Loan Changes Mean Let’s try and inject some clarity into the Chancellor’s announcement earlier today about the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme. The first thing to make clear is that we have the headline detail but how those details will translate and how,
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furlough advance against HMRC rebate

Furlough Payments – Funding The Delay

Furlough Payments – Funding The Delay The HMRC portal for furlough payments opened this week and saw 140,000 applications inside the first 24 hours. With the delay between the launching of the furlough initiative and the application portal opening at HMRC many companies will already have paid two months salaries with no tangible income. We
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CIS VAT Changes & Financing The Cash Flow Issue

CIS VAT Changes – Cash Flow & The VAT Gap From 1st October the new rules on responsibility for paying VAT and how VAT is handled comes into force. If you want to understand how these changes work and what you should do then speak to your accountant, this article looks more at the potential
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buy to let mortgage

Limited Company Buy To Let – Why You Can Borrow More

Limited Company Buy To Let There has been a significant increase in buy to let lending within limited companies. One of the major reasons is that with everything else being equal, the borrower can borrow more as a limited company than they can as an individual applicant. Most applicants understand this and take it as
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Mortgage payments as percentage of income

Family Mortgages & Gifted Deposits

Family Mortgages & Gifted Deposits House prices in the UK have risen sharply over the last 20 years, no great surprise there. Wages have grown less sharply. In the same 20 year period mortgage payments have risen from 20% of take-home pay to 35% of take-home pay. In London, this reaches 64%. These two graphs
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Closed Sign

Magellan Homeloans Closing – What It Means For Buy to Let

Magellan Homeloans The announcement by Magellan Homeloans that they are closed to new business generates some interesting questions about the future of buy to let lending, it also begs the questions of what comes next and whether this is the start of a new trend. Matt Gilmour, CEO of Magellan Homeloans said; “The competitive landscape
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