What the papers said about the year to come

The financial press took the opportunity this weekend to take a glimpse at what the year ahead will bring for our finances.

With the recent scrapping of the Government-backed Help to Buy Mortgage Guarantee scheme, the Times looked at the options for First-Time Buyers. Schemes such as Help to Buy Equity remain, as do those which allow the Bank of Mum and Dad to assist with a purchase.

The good news for those with only a small deposit saved is that the number of traditional 95% mortgages has also increased steadily since the introduction of Help to Buy, and the average interest rate has dropped. Experts highlighted that buyers will still see a significant difference in the rates on offer if they were to keep saving until they have a 10% deposit however.

The Sunday Times took a more general look at what the housing market will look like in 2017. Experts are predicting a slowing down in growth this year, due in part to uncertainty over Brexit.

Increased costs, recent changes to lending criteria and the phasing out of tax relief could also impact the Buy-to-Let market over the coming years, said brokers. Borrowing limits are likely to be lower, and there is a potential for upward pressure on the rental market, which could have a knock-on effect on First Time Buyers trying to save for a deposit.



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