What the papers said about long term fixes and the Bank of Mum and Dad

News of the Spring price war continued this week, with the Times looking at recent cuts to 5 year fixed rates. Longer term deals have become increasingly popular among homeowners looking for some stability at a time of economic uncertainty. Experts in the Mail on Sunday urged borrowers to act quickly however, as rising inflation could result in the run of ultra-low rates coming to an end.

The First-Time Buyer market received further encouragement this week, with the news that a major high street lender has launched a new mortgage, allowing parents to remortgage their property and raise money to assist with a deposit for a family member.

Recent figures from the Office of National Statistics have revealed that house prices are now 7 times average earnings, and thousands of first-timers rely on the Bank of Mum and Dad to help them with that first step. Experts in the Times welcomed the launch of more products that provide families with a more flexible way of helping that needn’t involve parents handing over their savings.