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.
Specialist mortgage advice has traditionally been sought by those with specific requirements, but changes in society, and the growing trend towards flexible working have altered our housing needs. These changes mean that an increasing number of potential homeowners will fall outside of traditional mortgage selection criteria. And as a result, specialist mortgage products are becoming increasingly relevant to all home buyers.
Remortgaging a property can bring, typically, many advantages to homeowners from saving money by switching to a more competitive rate, to providing an opportunity to release funds from your home to carry out home improvements. But with the UK base rate having risen to 1.25%, the highest it’s been since 2009 - are homeowners heading for a stampede when it comes to securing new mortgage products to secure new rates?
