Figures from the Office of National Statistics have revealed an increase in the average price of a first home to £215,000 in the last year, and the Times reported this weekend that the number of buyers dependent on a cash gift to raise the deposit is up by 25% as a result.
The Bank of Mum and Dad is as important as ever, but for those who don’t want to hand over their savings there are alternative options, including guarantor mortgages, and family offset deals that allow parents to retain access to their cash. The Mail on Sunday also looked at help for First Time Buyers, with the launch of the Help-to-Buy ISA due in December.
The impending changes in Buy-to-Let tax relief continue to be a hot topic, with experts suggesting in the Financial Times that the profitability of the private rental sector will be severely affected. Landlords are being advised to do what they can prior to the changes, by securing current low mortgage rates, and paying down as much debt as they can.
In protection news, the Telegraph highlighted the benefits of using a broker to find the most cost-effective policies, a service which is particularly useful for those with existing medical conditions which make comparing costs difficult and time consuming. The Mail on Sunday gave examples of what can affect the price of Critical Illness cover – such as family history, age and hobbies, while the Sunday Express looked at the Seven Families Campaign, created to show the importance of Income Protection.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE