We have some good mortgage news for you… Are you one of the estimated 140,000 homeowners trapped on high interest rate home loans with unregulated or inactive firms and have been unable to switch to a more cost-effective loan? The Financial Conduct Authority’s Chief Executive has now written to the Chair of the Treasury Committee, raising concerns over the issue and detailing plans to publish a consultation paper this spring.
NUMBER OF HOUSEHOLDS RENTING JUMPS 61% IN 10 YEARS
Office for National Statistics3 data shows that the rental market has continued to grow steadily over the last decade. The number of UK households in the private rented sector jumped from 2.8m in 2007 to 4.5m in 2017. At the end of the 2017 financial year, the median weekly rent payable across the UK stood at £134.
YOUNG ADULTS IN 2018 FINANCIALLY WEAKER THAN 20-SOMETHINGS IN 2008
Further evidence highlights the financial plight of those aged 22 to 29. Research4 shows they are less likely to own a home or have any savings, compared with the same age group in 2008. This lack of accessible savings could mean that if they were faced with an unexpected expense, they would get into debt or need to ask the Bank of Mum and Dad for help.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
3ONS, Jan 2019 and 4Oct 201
Clifford Osborne are Independent Financial Advisors (IFA) based in Eastbourne, East Sussex, offering early retirement advice, pension advice, mortgage advice and more. Our clients often come from Uckfield, Lewes, Brighton, Tunbridge Wells, Hastings, Bexhill, Newhaven, Seaford, Crowborough and further afield. Read more mortgage news and other financial advice in our blog.
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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.
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