More in this section

Never a better time to hide proper news

Hands up if you’d like to spend a day away from election news. Yes, I thought so.

By news I mean ‘news’ of course. Hands Up Elections

Routinely, we are spooned up a relentless daily soup of highly-managed outpourings, claims, counter-claims, squabbles and primary school visits. Presumably, most high school students could be a bit too clever for them.
There’s tales of bunches of statistics with dubious provenance and endless polls with impenetrable sources.
Meanwhile, two interestingly conflicting pieces of proper family news have come to the surface.

The bad news is that, according to some research from the large and well-meaning homelessness charity Shelter, has revealed that almost half (49 per cent) of all parents whose children have not bought a home think the only way they will ever get one is to inherit one or the money towards one.

They cite a housing shortage, high prices and low ownership levels among young adults.
The charity says that it polled 25-34 year olds who have been able to buy and one in six of them stated they had used inherited money from a relative and nearly a third were gifted money for a deposit.  Shelter, naturally, will be using their study to lobby politicians for more affordable housing – a worthy cause indeed.

Of course, the Family Building Society Family Mortgage allows parents or grandparents to help young adults get on the housing ladder without them having to die or even give the money away!

This comes in the background of news, from the Bank of England’s Credit Conditions Survey that shows demand for mortgages for high-value property saw the biggest fall since 2008. The good news, however, is there seems to be a quiet war going on out there. And this is a war between mortgage lenders which is putting downward pressure on mortgage rates.

Heck, everyone loves a good war story – especially when it involves a series of the lowest-five year fixed mortgages at record low rates.This was kicked off by HSBC who out of no where released a five-year fixed rate at 1.99 per cent. Though it requires a 40 per cent deposit and comes with a fee of £1499.

But now other lenders seem to joining in and getting braver. A BBC survey of mortgage brokers reveals they are feeling their pips are beginning to squeak. Moneywise, the financial information service, says 15 lenders have cut their mortgage rates in the week since HSBC revealed its record-breaking rate-fix.

"The competition to be the lowest in the mortgage market shows no signs of stopping and is great news for borrowers," the firm’s Charlotte Nelson told the BBC.

So that’s got to be good news then.

Hasn’t it?

By Stephen McDowell
Your home may be repossessed if you do not keep up repayments of your mortgage

comments powered by Disqus
Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
Follow Us