With house prices having fallen during 2023 and lenders reducing rates, we are perhaps starting to see some chinks of light at the end of the tunnel for first time buyers struggling to get their first foot on a rung of the property ladder.
A First Time Buyer Report recently commissioned by Coventry Building Society highlighted that 330,000 First Time Buyer transactions are expected in 2024, suggesting a positive shift in the market.
Despite signs of optimism, the journey for First Time Buyers remains challenging. Independent Mortgage Brokers play a vital role in assisting aspiring homeowners and their families – acting as mentors able to educate on all aspects of getting on the property ladder.
Here at The Financial Planning Group we monitor rates daily and can switch our clients to lower rates if a mortgage offer has been issued but not gone live. We also work with our clients on the best medium-to-long-term strategy when a fixed rate deal is coming to an end to provide flexibility and freedom to renegotiate when the time is right.
If you or a friend or family member has a mortgage or remortgage situation on the horizon and would like to talk through your options, please contact Steve Padgham via e-mail at Steve.Padgham@fpgonline.co.uk or by calling 020 8614 4782.