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MORTGAGE NEWS
More remortgage borrowers are turning to tracker and variable-rate mortgages as fixed rates remain high.
The proportion considering these deals rose from 14% in July to 21% in September, compared with the usual 13-14%.
The shift is being driven by affordability, with tracker rates currently offering lower monthly payments than fixed deals. However, borrowers face the risk of payments increasing if interest rates rise. Meanwhile, interest in variable-rate mortgages among first-time buyers fell sharply from 31% to 12%.
Read the full article here: Mortgage Strategy
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Housing costs and debt delaying financial independence for under-35s
Young adults are struggling to achieve financial independence due to rising housing costs, debt and the ongoing impact of the pandemic. Research found that 44% of StepChange clients aged 18-34 had borrowed money to cover housing costs, while nearly half said their income had not consistently covered essential living expenses over the past three years.
Labour market issues such as unemployment and reduced income were the main causes of debt. Only 49% of 18-24-year-olds could afford their basic monthly costs, and just 19% were financially independent from family support. The study also found that 51% of this age group would not use AI for financial tasks.
Read the full article here: The Intermediary
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Eight in 10 renters and homeowners are without income protection
Shepherds Friendly research found that 81% of renters and mortgage holders do not have income protection insurance, despite many facing financial vulnerability. Among those without cover, 44% have children and 28% are single.
Just 16% of full-time workers have income protection, even though one in five have experienced a period without their usual earnings, rising to 40% among 18-24-year-olds. Cost is the most important factor when considering cover, while a free consultation is the biggest incentive to speak with a financial adviser.
According to Shepherds Friendly, inflation and the rising cost of living (68%) are viewed as the biggest threats to income over the next five years, followed by concerns about an economic downturn (60%) and illness or long-term health conditions (51%).
Read the full article here: Mortgage Strategy
