This afternoon the Bank of England voted not to raise the base rate to 5.5%, rather opting to maintain it at 5.25%. This will come as a welcome relief for many first time buyers who had feared even higher mortgage costs and cuts to their budgets.
Whilst a positive sign that the cost of living crisis may be beginning to slow down, this vote does little to help first time buyers here and now, struggling to take their first step onto the property ladder.
In response, multi award winning law firm, Jones Whyte, has arranged a free First Time Buyers Event, aiming to equip those struggling to get onto the property ladder in the current climate with the knowledge, expertise and insight to do so without breaking the bank.
Speaking about the upcoming event, Head of Conveyancing Nick Hay said:
“This afternoons announcement from the Bank of England that the base rate is to remain at 5.25% marks a significant change in the BoEs policy and will be welcomed by first time buyers up and down the country, who had feared mortgage rates increasing even further.
Despite this positive news, it is unlikely to do much to help them in the medium to short term. Market conditions have been incredibly challenging and volatile for several months now and this decision just extends that, meaning it remains incredibly difficult for those looking to purchase their first property.
At times like this it pays to have the right people on your side, which is why we have decided to launch a free, online event on the 3rd October, to illustrate how our seasoned industry professionals can help mitigate the current uncertainty.”
About The Event
The expert conveyancing team at Jones Whyte help hundreds of first time buyers secure their dream property every month. On the 3rd of October, our Head of Conveyancing, Nick Hay, Solicitor Lisa Robertson, and New Business Manager, Jan Telfer, will be sharing their decades of experience at the firms first ever, First Time Buyers Event, offering helpful tips and tricks to make the process as smooth as possible, answering some of our most frequently asked questions, pointing out common mistakes and pitfalls to avoid before answering your questions.
The event will cover:
- Working out your budget
- Navigating the current property market
- Saving for a deposit and government schemes available
- An overview of the Scottish property market
- Getting a mortgage
- Assessing the home report
- Making an offer
- What is conveyancing?
Whether you’re just starting to consider buying, or already have a specific property in mind, the First Time Buyers Event will be packed with useful information, no matter what stage you are at in the process.