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.
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?
As 2024 gets underway, homeowners facing the end of their fixed-rate mortgage terms are presented with a critical decision - navigating the remortgage market to secure the best possible deal. The landscape of interest rates and mortgage products is ever-changing, and making the right choices can significantly impact your financial future.
Imagine talking with your mortgage broker on a Monday morning, and learning of a mortgage product, with an agreeable rate for you. But come Friday that rate has increased to the point whereby monthly mortgage repayment figures have gone up by £400! Well, we have indeed had incidents whereby this has happened. And it’s happening to varying degrees weekly. So we are URGING mortgage-seekers across the UK to be ‘mortgage document ready’.
