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