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.
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?
As the price of energy rockets, generating solar power and using it within your own household now offers a far bigger saving than it used to. Not only can solar panels reduce your energy bills, they can also improve your carbon footprint, too. More and more people are remortgaging their current properties releasing equity to fund home improvements in the hope that the value of their property will increase in the long term. However, remortgaging could also be an option for funding solar panels. Solar power might not only increase the value of your property, but also tick the box for homeowners looking for an energy efficient house to reduce energy bills.
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?
Groceries, energy prices and fuel are on the rise, to the point where we cannot fail to notice. With 4 in 10 Britons expect their finances to decline over the next year, and with a warnings of further increases on the cards come Autumn, should we all use the summer window to start paying close attention to our spending habits - and start making more sustainable choices at home in a bid to save?
