Councils at risk of bankruptcy

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Bankruptcy warning from councils

Councils across the UK say they’re at risk of going bankrupt if they don't get further government support. 150 authorities are short by £3.2 billion in total. Why? Dealing with coronavirus has meant higher care costs, and payment holidays from business rates and council tax have meant their income is reduced at the same time. Bankrupt councils would be bad news for bin collections, the fire brigade, public transport, roads...the list goes on.

SA302s at the ready

Self-employed borrowers are waiting longer to get a mortgage decision, because lenders are scrutinising applications* in even more detail to check if their business has been affected by coronavirus. Normally, self-employed applicants just have to provide 2 years’ worth of tax returns as proof of income. Now, banks are requesting further evidence from accountants, and they’re manually reviewing every case.

Adviser comment: "Lenders are currently risk-averse and apply strict lending criteria. There are additional hurdles if you’re self-employed, and you might have to pay a higher interest rate. A higher deposit will help you. Speak to your accountant before applying and make sure all your accounts are available. We also recommend speaking to a mortgage adviser."

Signing into the pub

When pubs reopen on 4th July, punters will have to give their name at the door before coming in. No name, no pint. It’s part of the track and trace process; the government needs to be able to pinpoint who was there in case there’s a local flare up. Other rules? No standing at the bar, no live performances, and stay 1 metre away from everyone else.

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