One in four first-time buyers now rely on their parents to help them get on the property ladder, says First Active.And nearly two-thirds, 64%, of those first-time buyers could not have afforded their properties without this cash injection. Some 17% of house buyers receive a cash injection from their families. Most of these buyers are under 35. The trend toward parental help is particularly noticeable in the South-East, where a third of buyers receive assistance. Those living in Scotland and Wales are least likely to need parental help when buying a home. And it seems men are more likely to go cap in hand to their parents than women, with 23% getting help compared with only 15% of women. Louis Kaszczak, national partnership manager at First Active, says: “Buying a house is a major financial decision. Making it as affordable as possible is usually top of the list for first-time buyers, but it can still be a daunting process.” However, just because first-time buyers are getting help from their families, it doesn’t mean they are not financially savvy. In fact, in many cases they are more aware of the financial issues they face than their elders. Some 47% of first-time buyers say they plan to remortgage once their initial deal period comes to an end. Among those not buying their first homes, 70% of buyers say they are happy to stay put and do not intend to switch mortgages at the end of their initial deal period.
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The Financial Services Authority has revealed that its compliance review of small mortgage brokers advising on sub-prime found too many cases where firms were unable to show that they had followed the required procedures relating to suitability.Three firms were identified as potentially assisting customers to obtain a mortgage where their income would not meet the […]
Q: How will a career in the mortgage industry differ from a career in television? A: “In showbiz, a lot of work is project-based. Doing a series of one-off projects leads to short, intense relationships with people. With Earth, while no less intense, I am in it for the long run. Projects have a longer […]
A series of studies carried out for the Joseph Rowntree Foundation reveal that those in greatest need of assistance have the worst access to opportunities and services. People who most require good health care, education, jobs, housing and transport continue to struggle 60 years after the founding of the welfare state, the JRF’s assessment of […]
Alan Dring, formerly head of sales at Standard Life Bank, has been appointed as sales director at eConveyancer.e-Conveyancer is a national network of independent solicitors, working from offices across the UK including Northern Ireland. Dring had previously worked seven years at SLB, but quit in August. He started at eConveyancer on September 5.He says: “When […]
Head of the Portfolio Research and Consulting Group, James Beaumont says his group is dedicated to providing a bespoke service and an analytical review of model portfolios.
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