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.
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.
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?
