If you spent your Boxing Day finishing off the turkey sandwiches and browsing dream homes on your phone, you certainly weren’t alone. The property market has just woken up to its busiest start in history.
Three in five first-time buyers depend on the bank of mum and dad in order to get onto the property ladder, according to research by Just Group. In the last five years, 61 per cent of FTBs relied on financial help from relatives in order to purchase a property. In comparison, just 20 per cent of FTBs relied on financial assistance from relatives 30 years ago.
Thinking of waiting out the mortgage market? It might cost you more than you think. Following the Bank of England’s decision to hold the base rate steady, thousands of UK homebuyers and homeowners have hit the pause button, holding out hope for a dramatic rate drop. But waiting for the 'perfect rate' is a psychological trap.
If you’ve been waiting for the right moment to buy a home or move up the property ladder, this could be your golden opportunity. The Bank of England made a 3rd cut in interest rates in the last 8 months - potentially making mortgages cheaper and opening doors for first-time buyers and homeowners looking to move. But how long will this window of opportunity last? And should you act now?
The Bank of England has finally decided to hit the pause button on the base rate, holding it steady at 5.25%. After fourteen consecutive rate hikes since December 2021, they've decided to give us a breather. But what does this mean for homeowners?
On the 17th November 2022, the Chancellor Jeremy Hunt, presented his Autumn Statement to Parliament in a bid to restore some stability to the British economy. With the announcement that the UK now joins many other countries in a recession, and much talk of taxes, less was said about the impact on mortgages than in previous announcements. So, what does the Autumn Statement mean for mortgages?
