On the 17th November 2022, the Chancellor Jeremy Hunt, presented his Autumn Statement to Parliament in a bid to restore some stability to the British economy. With the announcement that the UK now joins many other countries in a recession, and much talk of taxes, less was said about the impact on mortgages than in previous announcements. So, what does the Autumn Statement mean for mortgages?
Mortgages
Three in five first-time buyers depend on the bank of mum and dad in order to get onto the property ladder, according to research by Just Group. In the last five years, 61 per cent of FTBs relied on financial help from relatives in order to purchase a property. In comparison, just 20 per cent of FTBs relied on financial assistance from relatives 30 years ago.
