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.
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’.
Spring is in the air and the property market appears to be in better shape than many predicted during the dark days of last October. According to recent data from Rightmove, the housing market is showing green shoots of recovery. The topline of the report states that the market is better than expected and more buyers are returning, so are we seeing the green shoots of recovery?
Making the decision to buy a property anywhere can be hugely daunting, and that’s before you factor in properties with a London price tag. The average price of a property in London stands at £696,453 at the time of writing, meaning that a 10% deposit stands at an eye-watering £69,600. Still, London’s allure remains strong for every market player, from first-time buyers to investors. And where there is a will, there’s a way! So, if you’ve set your sights on affording a London property, then Skyline Mortgage Consultants are here to help you reach your ultimate goal of owning your own home in the capital.
