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.
Embarking on the journey to apply for a mortgage as a first time buyer is undoubtedly an exciting but often anxious time. Navigating today’s complex mortgage market has become increasingly complex. An independent mortgage broker becomes your indispensable ally. Beyond being a mere intermediary, a mortgage broker is your guide through the intricacies of today's dynamic mortgage market, offering essential specialist mortgage advice.
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’.
The Bank of England Base Rate is currently at 3.50% and is predicted to rise. Anything else as far as mortgages are concerned, is anyone’s guess. We are seeing mortgage rates start to fall and house prices are predicted to fall. But while it’s impossible to predict what will happen to the housing market, it is possible to ensure you get the right mortgage rate in 2023. And here’s how you do it.
Understandably, recent market turbulence has prompted an influx in homeowners reaching out to their lender or mortgage broker, over concerns about monthly payments and what will happen once their fixed-rate mortgage deal ends. It seems that we all have plenty of mortgage questions that need answering right now. Here we address a few of the most pressing mortgage questions as best we can, to shed some light on what the future holds for your mortgage.
