In the News
New parking scam
Fraudsters have been pocketing cash in a recent online scam by renting out parking spaces and driveways that don’t belong to them. One website, which lists vacant parking spots to other drivers, unknowingly listed locations advertised by scammers and in some cases, owners have returned home to find cars parked in their private parking spaces. It isn’t straightforward to remove a car parked on your property as legal loopholes make removal very difficult.
Faults found after moving-in day
Research1 has found that more than three-quarters of Brits (77%) have found a fault after moving into their new home. The most commonly missed faults are damp or mould (24%), poor electrics (22%), poor plumbing (20%), cosmetic issues with walls, ceilings or internal fixings (19%), and poor or no central heating (18%). It’s important to have a survey before purchasing a property as the average cost of putting the defects right is around £5,000.
Family financial support continues
Over half (56%) of first-time buyers aged under 35 receive financial support, averaging £19,000, from the Bank of Mum and Dad (BoMaD) to help them get onto the property ladder2. BoMaD continues to play a major part in the housing market, with 71% of BoMaD funded homeowners saying they wouldn’t have bought without financial support and instead would have delayed their home purchase plans by an average of four years.
1Compare the Market, 2020
2Legal & General, 2020
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Think carefully before securing other debts against your home. Equity released from your home will be secured against it.